According to the Ministry of Finance, the export tax on steel products will be removed starting next year to encourage imports by tax adjustments of some advanced equipment, key components and energy raw materials that are "very much needed" by the domestic market.
Currently the export tax on steel products is 15 percent, and for high-value steels it is 10 percent.
The tax elimination, which will take effect on Jan 1, is expected to boost export of steel products, experts said.
Export tax for some goods, including coal tar, wood chip and billet steel, will be reduced next year, the ministry said.
Adjusting the next year's tax rates of exports and imports is typically carried out at the end of each year, based on changes in different industries, said the ministry.
Meanwhile, the import tax on goods likely to cause pollution will be increased.
Under the scheme of the Closer Economic Partnership Arrangement with Hong Kong and Macau, the mainland will expand the scale of products for zero tariff, while continually implement the Economic Cooperation Framework Agreement with Taiwan, said a statement on the website of the ministry.
The third round of tax cut for information technology products imports will take effect on July 1, it said. (Source: China Daily)
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