Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: cpt :: ACCOUNTING STANDARDS :: empanelment :: articles on VAT and GST in India :: list of goods taxed at 4% :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: due date for vat payment
 
 
ę News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

China to cut tax rebates on metal products exports
July, 03rd 2007

Over 500 items to be affected

The global metals market is abuzz with reports that China will reduce or remove metal products export tax rebates effective July 1.

According to the Ministry of Finance, on export of more than 500 products value-added tax rebates will be cancelled and on more than 2,000 others rebates will be reduced.

Easing pressure

The main purpose of this rebate cut is to ease growing pressure from record-high trade surplus and to rein-in the exports of energy and resource intensive products from the country.

The 8-11 per cent export tax rebates on aluminium rod, bar, profiles and wire products will be completed removed; but the 11 per cent tax rebate on aluminium sheet and strip, and the 13 per cent rebate on foil and tube will remain in place, experts said adding that the 13 per cent export tax rebates on zinc, lead, nickel and tin products will be cut to 5 per cent on July 1.

Cut effect

Tax rebate cuts on rod, bar, profile and wire will have immediate effect on the Chinese domestic aluminium industry. It will impact domestic primary aluminium demand as also Shanghai futures exchange-listed aluminium contract prices, analysts said.

In 2006, Chinese exports of rod, bar, profile and wire products accounted for roughly 60 per cent of total Chinese exports of aluminium downstream products as a result of their beneficial tax treatment (8-11 per cent export tax rebate) compared with primary aluminium (15 per cent export tax).

The removal of export tax rebates on extrusion and wire products may reduce the margins for the sellers and has the potential to reduce export volumes in the short term.

It will potentially leave more products in the Chinese domestic market, putting domestic prices under downward pressure, it is argued.

However, the exemption of aluminium sheet and strip products from the list will provide domestic smelters and merchants with some scope to shift business focus to exporting other downstream aluminium products to take advantage of higher export tax rebate.

G. Chandrashekhar

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions