China To Eliminate Export Tax Rebate On Crops
by Mary Swire, Tax-News.com, Hong Kong
18 December 2007
It has emerged this week that China plans, as of December 20th, to abolish several categories of export tax rebates, in order to bring down increasing food prices in the country and maintain domestic supplies.
According to reports, export rebates on barley, corn, oats, rice, wheat, and soybeans will be removed from December 20th. Flour derived from any of these foodstuffs will also not be eligible for rebates.
However, in an attempt to clarify the situation and reassure exporters, the government announced in a statement that sales contracts signed before December 20th that are registered with the tax authorities before the end of the year may continue to take advantage of the rebates on these products, as long as the shipping date is before the end of February.
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