In December last year, the World Trade Organization (WTO) announced a comprehensive agreement on expanding the scope of the Information Technology Agreement (ITA) product range. The 201 new products are planned to be implemented on July 1, 2016. Import tariffs on most products will fall to zero after three to five years, and a small number of products will fall to zero through a seven-year tariff.
This is the first major tariff reduction achieved by the WTO in the past 20 years, and it is also a large-scale tax reduction agreement in the history of medical device products, because 201 of the tax-reduction products include many medical devices and components.
The latest news is that the 22nd meeting of the Standing Committee of the 12th National People's Congress was closed in Beijing on September 3. The meeting voted on the decision to approve the amendment of the People's Republic of China to the World Trade Organization Tariff Schedule. Accordingly, China will begin to gradually reduce tariffs on 201 products imported from WTO members and eventually eliminate tariffs.
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20 medical devices and components in the tax reduction
It is reported that most of the medical devices listed in the "Information Technology Agreement" are high-end products, including cardiac pacemakers, electrocardiographs, X-ray tomographs, MRI devices, ultrasound scanning equipment, ophthalmology, surgery, About 20 medical device products and components such as dental equipment.
After consulting the specific list of 201 expanded products, I found the following:
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As can be seen from the chart, the import tariffs of these 20 medical products and components in China are currently around 4%, but there are also up to 7%. And after a few years, the import tariffs on these medical products and components will drop to zero.
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