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Home / Business / Apple and luxury brands lower prices in China as the VAT cuts take effect. From Reuters

Apple and luxury brands lower prices in China as the VAT cuts take effect. From Reuters




© Reuters. FILE PHOTO: Men Walk Around Boutique of Luxury Goods Company Louis Vuitton in Beijing

BEIJING (Reuters) – Apple Inc. (NASDAQ) and other consumer brands have cut prices on their products in China on Monday, as this is a decline in the country The VAT rate has come into force.

The price tags for products listed on the Apple China Web site have been lowered on Monday morning, including a rebate of up to 500 yuan ($ 74.44) for some of the latest iPhone models.

Recommended retail prices for brands such as LVMH's Louis Vuitton and Kering's Gucci have also been cut by around 3 percent, according to local media reports.

In the last month followed the announcements of the car brands BMW AG and Mercedes-Benz, according to which the prices for several car models would fall after the tax changes.

Apple did not want to comment on the price cuts, while LVMH and Kering (PA 🙂 did not immediately respond to comment requests.

Beijing said it would cut taxes and fees for all companies by nearly 2 trillion yuan in 201

9, with manufacturing, transportation and construction sectors likely to benefit, as this will stimulate the economy to cool down.

The world's second-largest economy has been growing at its weakest pace for almost three decades against the background of lower domestic demand and the ongoing trade war with the United States.

Several Chinese electronics retailers cut prices for iPhones in January, bringing the latest models up to $ 118, after sales were weaker than expected at the end of 2018.

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