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Overview of Tax Policies for the U.S. Jewelry Industry
Release time:
2014-08-06
Source:
China Jewelry and Jade Ornament Industry Association
Looking at the development of the industry, the tax types currently having the greatest impact on the jewelry industry are: 1. Import tariffs levied at the import stage; 2. Value-added tax levied on the production and circulation stages; 3. The consumption tax levied at the retail level. This article will focus on introducing to readers the world’s largest jewelry market. —— The situation of U.S. tax policies, with the aim of offering reasonable references for our country's tax policies.
The United States is the world’s largest consumer of jewelry, although... 2009 The economic crisis of the past year dealt a severe blow to the U.S. economy, but in the past two years, the market has been gradually recovering, and the jewelry market has followed suit, showing signs of revival.
After hundreds of years of continuous revision and updates, the U.S. tax system can be described as highly sophisticated. Generally speaking, U.S. taxes fall into the following categories: federal taxes, state taxes, and local taxes. In terms of specific tax types, these include individual income tax, corporate income tax, Social Security payroll tax and healthcare tax, property tax, real estate tax, estate tax, gift tax, and consumption tax, among others. All businesses across the United States are required to pay corporate income tax on their profits, making it the third-largest source of federal revenue for the U.S. government, after individual income tax and the Social Security payroll tax. This tax employs a progressive tax rate structure, with rates varying as follows: 15%、25%、34% and 35% Below, we will focus on the tax rates and stages applicable to the three types of taxes that colored gemstone enterprises are required to pay.
( 1 Tariffs
The United States generally adopts a zero-tariff policy for the import of raw materials used in jewelry and jewelry accessories. The following table lists tariffs for certain jewelry products, except for synthetic gemstones, which are subject to tariffs. 3% There are virtually no tariffs on imported gemstone materials, and the import tariffs on finished jewelry are also very low—generally around... 7% Within. According to ENZO President Ye Yuchuan explained that the U.S. Congress’s reduction in jewelry tariff rates also went through a certain process. Taking into account the impact on the employment of tens of thousands of Americans, the government first eliminated tariffs on raw materials and subsequently gradually reduced tariffs on finished jewelry products as well.
|
Tariff code |
Tariff subheading |
Item name |
Tax rate |
|
7101 |
100000 |
Natural pearl |
0% |
|
210000 |
Cultured pearls |
0% |
|
|
7102 |
100000 |
Diamond rough |
0% |
|
213000 |
Loose diamond |
0% |
|
|
7103 |
102000 |
Raw gemstones and semi-precious stones |
0% |
|
910000 |
Processed ruby, sapphire, and emerald |
0% |
|
|
991000 |
Processed jade and other materials |
0% |
|
|
7104
|
100000 |
Synthetic crystal |
3% |
|
200000 |
Unprocessed synthetic gemstones |
3% |
|
|
900000 |
Cut synthetic gemstone |
0% |
|
|
7106
|
100000 |
Silver powder |
0% |
|
911010 |
Silver ingot |
0% |
|
|
921000 |
Purity greater than 99.5% Silver semi-finished products |
0% |
|
|
925000 |
Other silver products with lower purity |
3% |
|
|
7108
|
110000 |
Gold powder |
0% |
|
121010 |
Gold nugget |
0% |
|
|
121000 |
Purity greater than 99.5% Gold semi-finished product |
0% |
|
|
125000 |
Other gold products with lower purity |
4.1% |
|
|
7110 |
110010 |
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