The Central Government of China has revised the value-added tax to be imposed on imports of raw materials for the production of ferroalloys. This revision is applied to 82 items of raw materials including manganese ore, chrome ore, tungsten ore and molybdenum ore. The value-added tax has been raised from 13% per ton to 17% per tonne from 1 January 2009.
The increase will inevitably lead to a rise in production costs.
Value-added tax is also imposed on transactions of ores produced in China and this rate has also been raised from 13% to 17%. At present, large quantities of manganese ore and chrome ore imported into China have been stocked in warehouses at the country's main discharging ports.
Source: Steel Guru
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