By  on June 21, 2011

SHANGHAI — China is planning to reduce or possibly even eradicate taxes on imported luxury goods, state media reported Monday.

The finance ministry will introduce a new tariff system for overseas products, including high-end goods, by the beginning of October, the 21st Century Business Herald said. The newspaper did not outline any specifics of the new plan, only reporting that taxes will be lowered or removed on cosmetics, perfumes, watches, bags, shoes and watches.

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