English > Finance > Finance-Featurestory>China Cuts Export Tax on Grains, Fertilizers and Industrial Products

China Cuts Export Tax on Grains, Fertilizers and Industrial Products

06-23 11:06 Caijing

Most of the products have been taxed at rates of 3 to 10 percent, with a 25 percent rate levied on steel grit, a raw material used in abrasives.


By reporter intern Yu Hairong

(Caijing.com.cn) China will revoke a provisional export tax on 31 products including wheat, rice, soybeans, sulfuric acid and steel wire effective July 1, according to a notice issued by the Customs Tariff Commission (CTC) of the State Council.

Most of the products have been taxed at rates of 3 to 10 percent, with a 25 percent rate levied on steel grit, a raw material used in abrasives, according to the CTC Web site.  

The commission will also abolish a special export tax of 50 to 75 percent levied on 27 types of fertilizer, as well as raw materials including yellow phosphorous, phosphorous ore and binary compound fertilizers that are used to make them.

The products will be taxed at the provisional rate of 10 to 35 percent.

The U.S. and EU were reported to be considering filing a complaint with the World Trade Organization because special export taxes levied on products like yellow phosphorous have pushed up importers' costs.

The commission will also lower the export tax rate on ferrous metals such as tungsten and indium to 5 percent from 10-15 percent.

1 yuan = 14 US cents

Please contact Caijing Magazine for any inquiries. Reproduction in whole or in part without Caijing's permission is prohibited.
[ICP License: 090027] IDC License:[B2-20040250] Advertising Business License:[京海工商广字第0407号] 京公网安备11010502005607号
Copyright by Caijing. All Rights Reserved