UPDATE 1-China scraps tax rebate for soymeal exports from Nov 1
(Adds detail)
BEIJING, Oct 25 (Reuters) - China's finance ministry said onThursday it will adjust tax rebates on a wide range of exportproducts including soymeal, a widely used animal feedingredient, from Nov. 1.
China is scrapping the soymeal export rebate even as itseeks to reduce consumption of soymeal by its huge livestockherd after slapping a 25 percent tariff on imports of soybeansfrom its No. 2 supplier, the United States. China relies on imported soybeans to produce soymeal. Itexported less than 1 million tonnes of soymeal last year,according to customs data. China consumed 71 million tonnes of soymeal in its 2017/18year, according to official think tank China National Grain andOils Information Center.
Rebates on bamboo flooring, plastic products and safetyglass will be increased to 16 percent, said the Ministry ofFinance on its website.
Rebates on aircraft tires, lubricants and some metalproducts, including refined copper wire and rolled refinedcopper plates, sheets and strips, will be increased to 13percent. China is the world's biggest copper consumer and doesnot export large volumes of the metal.
(Reporting by Beijing Monitoring Desk, Dominique Patton and TomDaly; Editing by Tom Hogue)
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