Export taxes refund on veg oil to end
Date:2008/06/04 Source:
CHINA will stop refunding export taxes levied on some types of vegetable oil from June 13, the Ministry of Finance said in a statement yesterday.
This move is part of the government's effort to control vegetable oil exports, ensure domestic supplies and stabilize prices.
The ministry said the move had been approved by the State Council, China's Cabinet.
The tax refund rate on vegetable oil exports has been 13 percent since September 2006.
The move covered 20 vegetable oil products, including soybean oil, peanut oil, olive oil, palm oil, cotton seeds oil and corn oil.
Surging grain and food prices in the international market have led to rising prices. Experts fear this could stimulate China's vegetable oil exports, driving up prices in China.
A joint report by the Food and Agriculture Organization of the United Nations and Organization for Economic Cooperation and Development last month said world food and grain prices would be high for the next 10 years, said the report.
The tax refund rate on vegetable oil exports has been 13 percent since September 2006.
Welcome to our website. This service is open to member only.
Contact our customer service team
Tel: 86-10-82600828, 82601561
Email: report@researchinchina.com