China scraps tax rebate for soymeal exports from November 1
Reuters (25/10/2018) - BEIJING (Reuters) - China’s finance ministry said on Thursday it will adjust tax rebates on a wide range of export products including soymeal, a widely used animal feed ingredient, from Nov. 1.
China is scrapping the soymeal export rebate even as it seeks to reduce consumption of soymeal by its huge livestock herd after slapping a 25 percent tariff on imports of soybeans from its No. 2 supplier, the United States.
China relies on imported soybeans to produce soymeal. It exported less than 1 million tonnes of soymeal last year, according to customs data.
China consumed 71 million tonnes of soymeal in its 2017/18 year, according to official think tank China National Grain and Oils Information Center.
Rebates on bamboo flooring, plastic products and safety glass will be increased to 16 percent, said the Ministry of Finance on its website.
Rebates on aircraft tires, lubricants and some metal products, including refined copper wire and rolled refined copper plates, sheets and strips, will be increased to 13 percent. China is the world’s biggest copper consumer and does not export large volumes of the metal.