China lowers taxes on luxury goods
Description:
China plans to reduce or eliminate most of its taxes on imported luxury goods, including watches and, in order to stimulate the domestic market.
The new law on tax on luxury goods will come into force on 1 October 2011, the eve of the holiday week, when holiday sales start. China is the fastest-growing market for global luxury industry. By 2015, he could become the first in this field. According to 2009 sales in China reached 10.3 billion dollars (7.6 billion euros).
China is now the fastest growing market for the sale of watches.
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