VATupdate

China Cancels Export Tax Rebates for Certain Iron and Steel Products

China’s Ministry of Finance and State Administration of Taxation have jointly issued Announcement No. 25 of 2021, which cancels export tax rebates for input VAT and consumption tax on the export of 23 specified iron and steel products with effect from 1 August 2021. This follows the issuance of Announcement No. 16 of 2021 earlier in the year that canceled rebates on 146 specified iron and steel products with effect from 1 May 2021. Although not stated in the announcements, the canceling of the export tax rebates is seen as a means to maintain production for domestic demand and to reduce production in general to reduce carbon emissions.

Source Orbitax

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