According to the announcement issued by China’s Ministry of Finance on June 8, the export rebate rates have been hiked for some steel products (a total of 96 tariff codes). The rebate rates that used to range from zero to eight percent have been adjusted to nine percent. As a result, the rebate rate for steel products including sections, hot rolled coils and alloyed wire rods is now nine percent. Meanwhile, the rebate rate remains unchanged at 13 percent for cold rolled and galvanized products.
Click here to see the list of the adjusted export rebate rates as per tariff numbers of the products.
Differing from the usual practice of implementation after announcement, the new tax rebate adjustment is effective as of June 1, 2009, thus showing China’s determination to boost its exports.