China will abolish export tax rebates on coal, natural gas and some primary wood products from Friday and increase the rebates on some high-tech products and processed farm produce.
In a circular released yesterday by the Ministry of Finance, the National Development and Reform Commission, the Ministry of Commerce, the General Administration of Customs and the State Administration of Taxation, it was announced that export tax rebates on silicon, paraffin, pitch, fine goat wool, charcoal, 25 kinds of pesticides and some minerals would be abolished.
As one of the government's macro-control measures, the changes are designed to improve China's industrial structure and to promote the balanced development of the country's imports and exports, said the Ministry of Finance.
Export rebate rates on steel will be reduced from 11 to 8 percent, ceramics and some finished leather from 13 to 8 percent, cement and glass from 13 to 11 percent, non-ferrous metals from 13 to 5, 8 or 11 percent, textile, furniture, plastics and lighters from 13 to 11 percent and trolleys and parts from 17 to 13 percent.
China also raised the export rebate rate on major technical equipment, some IT goods, biological and medical merchandise, high-tech products and processed farm produce.
(Xinhua News Agency September 15, 2006)