Shanghai. June 19. INTERFAX-CHINA - China will cancel the current 13 percent value-added tax (VAT) rebate on welded carbon-steel pipe exports, as well as the rebate on aluminum rod and bar exports that is between 8 percent and 11 percent on July 1, according to a Ministry of Finance statement issued today.
According to the MOF statement, VAT export rebates on products in 2,831 tax codes will be either reduced or canceled on July 1 in order to alleviate pressure from the increasing trade surplus and to curb the export of highly polluting and energy-intensive products.
VAT export rebates will be canceled for welded steel pipe, tax code 7305 and 7306, as well as for aluminum rod, bar, and profile and aluminum alloy rod, bar and profile, tax code 7604 and 7605, on July 1. Aluminum strip and foil will be excluded from this policy.
VAT export rebates will be reduced from a current 13 percent to 5 percent for seamless steel pipe, stainless steel pipe, steel rail, welded steel angle and steel section.
Furthermore, VAT export rebates for semi-finished nonferrous metals products such as nickel and nickel alloy pipe, lead and lead alloy sheet, foil, bar, rod and profile, zinc and zinc alloy sheet, foil, bar, rod and profile, and tin foil, will be slashed from a current range of between 8 percent and 13 percent to 5 percent.
VAT export rebates on semi-finished minor-metals products including tungsten filament, wrought molybdenum rod, bar and profile, wrought titanium products, wrought magnesium, titanium alloy, and cobalt products will also be lowered from a current 13 percent to 5 percent.
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DONGGUAN JIEFU FLAME-RETARDED MATERIALS CO.,LTD
Sam Xu
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