September 18, 2006

China raises tax rebate on soymeal, vegetable oil exports

China has applied a new tax rebate rate of 13 percent to exports of soymeal and vegetable oils, the Ministry of Finance said Friday (Sep 15).

Effective Sep 15, the tax rebates on exports of soymeal and vegetable oils, including soybean oil, rapeseed oil, palm oil, peanut oil as well as corn oil, have been increased from 5 percent or 11 percent to a flat rate of 13 percent, the ministry said in a statement on its website.

In the January-July period, China exported 160,471 tonnes of soymeal, down 59.9 percent on year, while its soyoil exports more than doubled on year to 57,405 tonnes.