China taxmen ring in New Year by hitting golf clubs

Updated: 2006-12-27 20:18

BEIJING - China is ringing in the New Year by slapping higher customs duties on luxury goods such as golf clubs and watches, Xinhua news agency said on Wednesday.

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The rate for those items would rise from 10 to 30 percent from January 1, while the rate for cosmetics would rise from 20 to 50 percent, Xinhua said, citing the Ministry of Finance.

The new duties would also apply to luxury goods arriving in China by mail, it said.

Newly rich Chinese have taken to overseas travel in a big way, making some 31 million trips abroad last year, according to Xinhua.

The customs duty changes were in keeping with the introduction in April of new consumption taxes on golf balls and equipment, yachts and luxury watches, it said.

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