Import taxes to be lowered

BEIJING - China is to cut import taxes on some products, including formula milk and cosmetics, as part of a series of reductions aimed at balancing international trade, the Nanfang Daily said Monday.

The newspaper quoted an unidentified official with the State Administration of Taxation (SAT) who said the tax bureau is planning the cuts because of concerns over possible tax evasion, although there was no official comment on Monday.

In January, the Ministry of Finance said the nation's tax revenue jumped 23 percent year-on-year to 7.32 trillion yuan ($1.1 trillion) in 2010, partly boosted by import taxes.