Import duty is the tariff levied by the customs of a country on imported goods and articles. Imposing import duty will increase the cost of imported goods, raise the market price of imported goods, and affect the quantity of imported foreign goods. Therefore, all countries use the collection of import duty as a means to restrict the import of foreign goods.

The amount of import duty = dutiable value (CIF price of the contract) × tariff rate. 3. For import duty inquiries, see: China Customs Commodity Information Inquiry.

In the import duty tariff, each tariff item lists both the general rate and the minimum rate at the same time.

The objects of the minimum rate are the imported goods from countries that have signed trade treaties or agreements with China containing tariff reciprocity clauses [applicable to most countries]; the objects of the general rate are the imported goods from countries that have not signed trade treaties or agreements with China containing reciprocity clauses.

Tariffs are included in the cost of imported goods, while VAT is recorded under Tax Payable - Input VAT (VAT Payable) in the accounting entry:

Debit: Raw materials

Debit: Taxes payable - Value - added tax payable (input tax amount)

Credit: Bank deposit.

If the payment unit receives the special payment receipt, it is recommended to make the following accounting entry:

Debit: Taxes payable - Value - added tax payable (input tax amount)

Credit: Accounts payable - XX Supplier.

General VAT taxpayers who obtain all the special payment receipts for customs - imported VAT that need to be deducted for input VAT, referred to as customs duty - paid certificates. They should fill in the Customs Duty - paid Certificate Deduction List item by item according to the relevant customs duty - paid certificates and submit it together with the VAT tax return during the VAT tax declaration.

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