China alters VAT rebate on exported steel

China alters VAT rebate on exported steel China has abolished the value-added tax export rebate on many types of finished steel, and reduced it to 5 percent for more high valued products, Steel Business Briefing reported Tuesday.
   According to the China Iron and Steel Association, the new rebates apply to all products that clear China Customs on or after April 15, the news outlet reported.
   'Prior to the announcement, an 8 percent VAT rebate applied to all exports of finished steel leaving the mainland,' the report said. 'This was cut from 11 percent in September last year (effective for shipments after December). Chinese companies which are supplying steel to overseas construction projects have until April 21 to apply to Customs authorities to receive the old rebate. The contracts, however, must be signed by April 15. The move follows reports that China’s March finished exports topped 5 million tons. In February, the figure was around 4.4 million tons.'