The high price of evading import duty in China

Given that the selling price in China is 2.75 million yuan, under Chinese import duty policy the passenger was liable for 1.37 million yuan of tax When questioned, the passenger admitted he had carried the watch and the box separately in an attempt to evade customs inspection and import duty According to the current "Table of Tax Rates on Personal Luggage of Passengers and Personal Postal Parcels Arriving in China", the tax rate on high-end wristwatches, timepieces and their parts and accessories is 50%.

For wristwatches with a value under 10,000 yuan, the rate is 30% This means that a person who buys a watch worth 100,000 yuan overseas will have to pay import duty of 50,000 yuan when returning to China Wise to the fact that customs officials inspect luggage by x-ray, many Chinese returning home with a watch throw away the box and wear the watch.

The defendant placed the order for the watch in January 2015, and had it delivered to Hong Kong in May 2017 with a price tag of €1.1 million In view of the value of the watch in China - 19.3 million yuan -, the defendant was suspected of attempting to evade more than 10.04 million yuan in tax With such strict laws and tougher controls, Chinese consumers need to re-evaluate the risk of buying watches abroad.

This, combined with brands' efforts to close price gaps, suggest that more and more Chinese will choose to buy their watches at home. . Source