The tax rate varies according to the value and category of different products. Specifically, the tax rate of luxury goods is divided into 5%, 10% and 20%. According to the tax policy, the following are the tax rates of some common luxury goods:

Premium watches: the tax rate is 20%.

High-grade luggage: tax rate 10%~20%,

Jewelry and diamonds: the tax rate is 5% to 10%.

Senior furniture: tax rate 10%.

Luxury car: the tax rate is 40% to 45%.

The above tax rates are for reference only, and the specific tax rates may vary from region to region or may be adjusted with the changes of tax policies. Users can consult local tax authorities or professional lawyers if they need to know the specific tax rate.

What is luxury tax?

Luxury tax is a kind of consumption tax levied on luxury goods. In China, there is no accurate definition and classification standard for "luxury goods". Under certain socio-economic conditions, the definition of "luxury goods" is always relative. Therefore, luxury goods tax needs to be adjusted according to the development of social economy. In April, 2006, China adjusted the consumption tax items, including some luxury goods without consumption tax, in order to adjust the gap between the rich and the poor and promote social equity.