Zhang Changfu, vice chairman of the China Iron and Steel Asociation (CISA), has recommended the cancellation of the exemption from three percent import tax for wear-resistant steel as well as the cancellation of the exemption from 17 percent value added tax (VAT) for imported wear-resistant steel. He was speaking at a meeting of CISA executive directors held on August 3. Mr. Zhang made the recommendation mainly because major Chinese steelmakers, including Baosteel, Wuhan Iron and Steel (Group) Co. (WISCO) and Wuyang Iron and Steel Co., are now able to produce wear-resistant steel to satisfy domestic demand.
The CISA is also preparing to make recommendations on taxation for tool steel and boron-added steel.
Source:
http://www.steelorbis.com/steel-news/latest-news/cisa-advises-cancellation-of-tax-exemptions-for-imported-wear_resistant-steel-775203.htm
