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BREAKING NEWS|| CHINA ABROGATES EXPORT TAX REBATE REGARDING STEEL/ STAINLESS STEEL PRODUCTS.


CHINA ABROGATES EXPORT TAX REBATE REGARDING STEEL/ STAINLESS STEEL PRODUCTS. EFFECT ON FIRST MAY 2021.
 
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In the coming time, our company will suffer heavy losses that is unprecedented. Meanwhile, we also know that in foreign countries, people are deeply hit by the epidemic. In this difficult period, Jinling Steel is willing to go hand in hand with all our foreign customers to overcome the adversity.
 


To protect the steel resource supply, and improve the steel industry, approved by the State Council, the State Council Customs Tariff Commission issued an announcement on 28th April 2021—— From 1st May 2021, the tariff and export tax rebate rate of some steel products will be adjusted:

• The export tax rebate for some steel (including stainless steel) products will be cancelled. The specific execution time shall be defined by the export date indicated on the export goods declaration form.

• On pig iron, crude steel, recycled steel raw materials, ferrochrome and other products, the provision of zero import tax rate will be implemented;

• Appropriately increase the export tariffs on ferrosilicon, ferrochromium, high-purity pig iron and other products. After the implement, respectively, the export tax rate will be 25%, the temporary export tax rate will be 20%, and the temporary export tax rate will be 15%;

The measures and provisions mentioned above, are said to be beneficial to reduce the importing costs, enlarge the import of steel resources, which can decrease domestic surplus of the crude steel production and lead the steel industry to draw down the energy and power consumption, and eventually upgrade the steel industry.
 
The specific documents are as follow:


1.



Announcement on the cancellation of export tax rebates for certain steel products

Announcement No. 16 of 2021   
State Administration of Taxation    
Ministry of Finance 


Regarding the cancellation of export tax rebates for some steel products is hereby announced as follows:

From 1st May 2021, the export tax rebate for some steel products will be cancelled. Attachment is the specific product list. The specific execution time shall be defined by the export date indicated on the export goods declaration form.

Specially announced.

Annex: List of steel products for which export tax rebates have been cancelled 

FULL LIST: 1619677496_List of steel products for which export tax rebates have been cancelled.pdf

State Administration of Taxation    
Ministry of Finance 
26th April 2021



The list contains 146 items, of which 50 regard stainless steel and stainless steel products.





2.
 


Announcement of the Customs Tariff Commission of the State Council on Adjusting the Tariffs of Certain Steel Products

Announcement No. 4 [2021]  
State Council Tariff Commission 


In order to better guarantee the supply of steel resources and promote the high-quality development of the steel industry, the Tariff Commission of the State Council has decided to adjust the tariffs on certain steel products from 1 May 2021. Specific adjustments are in the attachment.

Annex:
 1. Import tariff adjustment table for steel products 1619678607_Import tariff adjustment table for steel products.pdf
 2. Export tariff adjustment table for steel products 1619678625_Export tariff adjustment table for steel products.pdf

State Council Tariff Commission 
27th April 2021

The following is the import tariff adjustment table for iron and steel products, which mainly adjust the temporary import tariff rate, and implement zero import temporary tariff rate for pig iron, crude steel, recycled steel raw materials, ferrochrome and other products:




The following is the export tariff adjustment table for steel products, which mainly increase the export tariffs of ferrosilicon, ferrochrome, high-purity pig iron and other products:


 
 

 

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