Accordingly, from March 07, 2013, preferential import tax rates applicable to item of non-alloy steel wire not plated or coated, whether or not polished, containing by weight 0.6% or more of carbon (not including spokes wire; bead wire; flat hard steel reed wire; pre-stressed steel wire; free cutting steel wire) are adjusted to 3% (the previous regulation is 5%).
The tax rate on other items in code 7217 is still unchanged. Specifically, for wire of iron or non-alloy steel containing by weight less than 0.25% of carbon, the rate is 15%; from 0 - 10% for wire of iron or non-alloy steel containing by weight 0.25% or more but less than 0.6% of carbon.
This Circular takes effect as from March 07, 2013.
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