China is cutting taxes on a range of unprocessed seafood from the list of “most-favored nations” under China’s tax code which includes the European Union, Canada, the United States, Russia, and Turkey.
The cuts, which will apply beginning in July 2018, will see duties on seafood fall between 6.9 percent and 15.2 percent, according to a statement from the Chinese Ministry of Finance.
The cuts are targeted at a range of chilled imports that China has been seeking as substitutions for dwindling local resources. Sardines, cod, pomfret, and ribbonfish are all being cut from 12 percent to seven percent.
But China is providing less lenience for dried and processed seafood products as it seeks to protect its processors. Duties on dried and processed shrimp, for instance, will fall from 14 percent to 10 percent. There’s a similar cut on duties of sea cucumbers and abalone – both species in which China has a huge domestic aquaculture business.
