20 Jun '11, 9am

China to slash taxes on luxury handbags, shoes

SHANGHAI: China, the world's fastest growing market for luxury goods, is expected to reduce or scrap taxes on imported high-end products to boost domestic consumption, state media reported on Monday. A new tax system for luxury products is to be introduced by October 1, the 21st Century Business Herald said -- the beginning of a week-long holiday for National Day and a shopping frenzy for Chinese consumers. China's steep luxury taxes -- which are as high as 60 per cent -- have for years sent well-heeled shoppers swarming to Hong Kong and Europe for products such as Louis Vuitton handbags and Rolex watches to avoid the hefty tariffs. The finance ministry's revamped system will reduce or remove taxes for products such as watches, clothes, shoes, suitcases, cosmetics, perfumes and milk powder, the newspaper said, citing unnamed sources. Commerce ministry spokesman Yao Jian to...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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