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With the approval of the State Council, the Ministry of Finance issued the "Notice on the Relevant Tax Policies of Diamond and Shanghai Diamond Exchange" (Decree No. 177, [2001] of the Ministry of Finance, hereinafter referred to the "Notice"). The Various issues are informed as follows: I. From June 1, 2002, except processing trade, the diamond import and export all over the country (see Attachment 1 for detail varieties) shall go through customs declaration procedures in Shanghai Diamond Exchange collectively, and no other ports shall import or export diamond. II. Diamond ornaments (see Attachment 2 for details) shall be administered by current regulations. Upon import in various ports, the customs shall levy tariff and import value-added tax in accordance with the regulations. The Consumption tax rate is reduced to 5% and will be levied by the domestic tax authorities in the retail link. . III. The diamond that enters domestic markets by declaring at the responsible customs of Shanghai Diamond Exchange, including the diamond sold to the domestic market from abroad and the diamond sold to the domestic market from Shanghai Diamond Exchange, is exempted from import tariff. The Import value added tax will be levied by the customs in compliance with regulations, and the consumption tax, with a reduced rate of 5%, will be levied by the domestic tax authorities in the retail link. IV. The diamond imported to Shanghai Diamond Exchange by the member agencies of Shanghai Diamond Exchange will be bonded in Shanghai Diamond Exchange. When it is sold domestically, the tax shall be levied according to Article 3 of the Notice. V. When domestic diamond enters Shanghai diamond Exchange, the responsible customs of Shanghai Diamond Exchange shall handle relevant documents for export tax refunds. Other customs shall not deal with tax refunds of the diamond export. VI. Diamond import and export under processing trade shall comply with current policies. If the diamond under processing trade (including processed ornament products inlaid with diamond) in various regions is sold domestically for some reasons, the enterprises shall collectively go through customs declaration procedures in the responsible customs of Shanghai Diamond Exchange. The responsible customs in the contract record regions shall handle the cancellation and verification procedures of the processing trade manual according to the enterprises' "Declaration for Exported Goods in PRC" issued by the responsible customs for Shanghai Diamond Exchange and the other documents. The above domestically sole diamond (including the diamond inlaid in the end products) shall pay tax according to Article 3 of the Notice. The domestically sold ornaments inlaid with diamond shall pay tax according to Article 2 of the Notice. VII. Shanghai Diamond Exchange shall be administered by Shanghai Customs according to "the Measures for the Administration of Shanghai Diamond Exchange by the Customs of PRC" that were approved by the General Administration of Customs. Attachments: 1. Diamond Tariff Policy And Adjustment Form Of Consumption Tax Rate; 2. Adjustment Form Of Consumption Tax Rate For Diamond Ornaments ATTACHMENT 1: DIAMOND TARIFF POLICY AND ADJUSTMENT FORM OF CONSUMPTION TAX RATE Name: Non-Classified Diamond Tax No: 71021000 Current -Tariff: 3% -Value added tax: 10% Adjusted -Tariff: if imported and declared at the customs of Shanghai Diamond Exchange, exempt from import tariff from import tariff. -Value added tax: will not be levied at the customs import link and will be postponed to retail link of 5% Name: Unprocessed Or Simply Processed Diamond For Industrial Use Tax No: 71022100 Current -Tariff: 3% -Value added tax: 10% Adjusted -Tariff: if imported and declared at the customs of Shanghai Diamond Exchange, exempt from import tariff. -Value added tax: will not be levied at the customs import link and will be postponed to retail link of 5% Name: Other Diamond For Industrial Use Tax No: 71022900 Current -Tariff: 3% -Value added tax: 10% Adjusted -Tariff: if imported and declared at the customs of Shanghai Diamond Exchange, exempt from import tariff. -Value added tax: will not be levied at the customs import link and will be postponed to retail link of 5% Name: Unprocessed Or Simply Processed Diamond For Non-Industrial Use Tax No: 71023100 Current -Tariff: 3% -Value added tax: 10% Adjusted -Tariff: if imported and declared at the customs of Shanghai Diamond Exchange, exempt from import tariff. -Value added tax: will not be levied at the customs import link and will be postponed to retail link of 5% Name: Other Diamond For Non-Industrial Use Tax No: 71023900 Current -Tariff: 8% -Value added tax: 10% Adjusted -Tariff: if imported and declared at the customs of Shanghai Diamond Exchange, exempt from import tariff. -Value added tax: will not be levied at the customs import link and will be postponed to retail link of 5% Name: Unprocessed Synthesized Or Reproduced Diamond Tax No: 71042010 Current -Tariff: 6% -Value added tax: 10% Adjusted -Tariff: if imported and declared at the customs of Shanghai Diamond Exchange, exempt from import tariff. -Value added tax: will not be levied at the customs import link and will be postponed to retail link of 5% Name: Other Unprocessed Synthesized Or Reproduced Diamond For Industrial Use Tax No: 71049011 Current -Tariff: 6% -Value added tax: 10% Adjusted -Tariff: if imported and declared at the customs of Shanghai Diamond Exchange, exempt from import tariff. -Value added tax: will not be levied at the customs import link and will be postponed to retail link of 5% Name: Other Unprocessed Synthesized Or Reproduced Diamond For Non-Industrial Use Tax No: 71049091 Current -Tariff: 8% -Value added tax: 10% Adjusted -Tariff: if imported and declared at the customs of Shanghai Diamond Exchange, exempt from import tariff. -Value added tax: will not be levied at the customs import link and will be postponed to retail link of 5% Name: Natural Or Synthetic Diamond Powder Tax No: 71051000 Current -Tariff: 3% -Value added tax: 10% Adjusted -Tariff: if imported and declared at the customs of Shanghai Diamond Exchange, exempt from import tariff. -Value added tax: will not be levied at the customs import link and will be postponed to retail link of 5% Attachment 2: ADJUSTMENT FORM OF CONSUMPTION TAX RATE FOR DIAMOND ORNAMENTS Name: Silver Jewelry Inlaid With Diamond And Its Parts Tax No: 71131110 Current -Value added tax: 10% Adjusted -Value added tax: will not be levied at the customs import link and will be postponed to retail link of 5% Name: Gold Jewelry Inlaid With Diamond And Its Parts Tax No: 71131911 Current -Value added tax: 10% Adjusted -Value added tax: will not be levied at the customs import link and will be postponed to retail link of 5% Name: Other Noble Metal Jewelry Inlaid With Diamond And Its Parts Tax No: 71131991 Current -Value added tax: 10% Adjusted -Value added tax: will not be levied at the customs import link and will be postponed to retail link of 5% Name: Cheap Metal Jewelry Wrapped With Noble Metals And Inlaid With Diamond Tax No: 71132010 Current -Value added tax: 10% Adjusted -Value added tax: will not be levied at the customs import link and will be postponed to retail link of 5% Name: Diamond Products Tax No: 71162000 Current -Value added tax: 10% Adjusted -Value added tax: will not be levied at the customs import link and will be postponed to retail link of 5% Note: Diamond products under 71162000 do not include other gem or semi-gem products apart from diamond. |
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