China’s Ministry of Finance (MOF) has announced that it will increase the export tax rebate rate for certain steel products as of November 1, following the previous export tax rebate rate hike as of September 15 this year.
Specifically, under HS codes section 72.10 concerning flat-rolled products of iron or non-alloy steel, of a width of 600 mm or more, clad, plated or coated, the export tax rebate rate for three HS codes, including electrolytically plated or coated with zinc (HS code - 7210.3000), corrugated (HS code - 7210.4000) and other (HS code - 7210.4900), will be increased from the previous 13 percent to 16 percent as of November 1.
Meanwhile, the MOF announced that for other export products, whose export tax rebate rates have been at five percent, nine percent and 15 percent, there will be an adjustment to six percent, ten percent and 16 percent. Accordingly, there will be one percentage point upwards adjustment in the export tax rebate rates for those finished steel products which currently enjoy export tax rebates, to six percent, ten percent and 16 percent.
The new export tax rebate rates will be effective as of November 1, based on the date of export specified on the customs declaration for exported goods.