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Strategies & Market Trends : China Warehouse- More Than Crockery
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To: RealMuLan who wrote (5112)7/4/2005 3:24:03 PM
From: RealMuLan  Read Replies (1) of 6370
 
Tax break on specialty steel exports canceled
www.chinaview.cn 2005-07-04 09:24:57

BEIJING, July 4 -- China said it had ended favorable tax exemptions on the production and export of specialty steel products in hopes of reducing energy consumption and pollution.

“From July 1, China will resume levying value-added tax (VAT) on specialty steel production and exports,” a joint statement from the Ministry of Finance and the State Administration of Taxation said.

The removal of the tax break was aimed at reducing pollution and energy consumption in the peak season of electricity demand, it added.

In 1998, the State Council approved the exemption to the 17 percent VAT rate for specialty steel producers using domestically manufactured raw steel.

The policy at that time was designed to support domestic steel manufacturers and help them maintain market share in China in the face of stiff competition from abroad.

But things had changed at home and abroad as steel prices in China were lower than that of the world market, and steel production caused too much pollutants, consumed too much energy and other resources, the ministry said.

VAT rebates on steel billet and ingots taxed at 13 percent were withdrawn in April, while the Chinese Government abolished similar tax breaks on copper, aluminum and nickel exports last year.

China is the world’s biggest producer of crude steel, with output in the first five months of this year rising 27.4 percent to 136.2 million tons.

(Source: Shenzhen Daily/Agencies)

news.xinhuanet.com
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