SHANGHAI – China will abolish tax incentives on August 22 for imported alumina used to make aluminium for export, potentially reducing supply of the lightweight metal and driving up prices on world markets.
A similar tax break on ferro-alloys, used to harden and strengthen steel, would also be eliminated, the Ministry of Commerce and the Customs Administration said in a joint statement on the ministry’s Web site. Beijing had been expected to end tax breaks for months on the so-called tolling and processing trade, in which export-minded aluminium smelters pay no tax on the imported raw material, alumina.-Nampa-ReutersBeijing had been expected to end tax breaks for months on the so-called tolling and processing trade, in which export-minded aluminium smelters pay no tax on the imported raw material, alumina.-Nampa-Reuters
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