May 26, 2008
 

China may cut soyoil import tax to 3 percent

China is likely to cut the import tax on soyoil to 3 percent from 9 percent to rein in inflation, a trader said Monday (May 26, 2008). 

The soy oil import tax cut is likely to last from June to September, the trader added.

China's Ministry of Finance will meet this afternoon to discuss a possible duty cut, and may also consider duty changes to other commodities, said a ministry official, declining to be named.

"We will discuss (possible) tariff adjustments this afternoon on whether to change or how to change (the taxes)," the official said, adding related announcements will be made shortly if the changes are approved by the State Council.