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China reduces/cuts VAT rebate

                   Release time: 2007-6-14 10:14:34     Visit frequency: 180

   China has abolished the VAT export rebate on many types of finished steel, and reduced it to 5% for more high valued products, according to the China Iron and Steel Association (CISA). The new rebates apply to all products that clear China Customs on or after 15 April 2007. Prior to this announcement, an 8% VAT rebate applied to all exports of finished steel leaving the mainland. This was cut from 11% in September last year (effective for shipments after December). In addition, a 10% tax was applied to all semis exports in late October 2006, effective from the start of November. This remains unchanged. The rebate will now be 5% for exports such as tinplate, colour coated, non-alloy steel forged bars and silicon steels. Most types of CRC and HDG will also enjoy the 5% rebate. The rebate has been abolished for hot rolled plate, hot rolled coil, sections, H-beams, I-beams, channels, merchant bars, angles, wire rods and most other longs. Most stainless steels - with the exception of low-nickel containing series - will continue to enjoy a 5% rebate. However, the rebate has been abolished for exports of ferro-manganese stainless with nickel content of less than 7% (200 series). Chinese companies which are supplying steel to overseas construction projects have until 21 April to apply to Customs authorities to receive the old rebate. The contracts, however, must be signed by 15 April. The move follows reports that China's March finished exports topped 5m tonnes. In February, the figure was around 4.4m tonnes.
Information sources:   Releaser: The web of CE
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