China Improves Export Tariffs On Individual Rare Earth Products
The Ministry of Finance announced yesterday that since January 1st of next year, China has entered the WTO.
Export duties
The tax items and tax rates will be partially adjusted, and the export tariffs of individual rare earth products will be improved.
The Ministry of Finance disclosed that the types and new products of the rare earth products that will increase tariffs will be announced.
tax rate
Standards, the reporter learned that metal neodymium and other products in the tariff increase.
"Overcapacity and low utilization rate are plaguing the development of China's rare earth industry.
"Li Xuerong, a senior researcher at CIC, pointed out that due to the low cost of mining and profit from selling raw materials alone, China's rare earth industry has been overmining. The increase in export tariffs will reduce the export growth of rare earths, which is conducive to the development of the industry.
It is understood that the tariff adjustment, the number of specific products increased from 7923 this year to 7977, the tax rate is "maintained pressure", in addition to improving the export tariffs of individual rare earth products, more than 600 kinds of resources, basic raw materials and key parts and components products will implement a lower annual import provisional tax rate.
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