CHINA STEEL SCRAP: Cisa suggests new tax policies to boost domestic, import supply

The China Iron & Steel Association (Cisa) has suggested preferential tax policies to stimulate domestic supply and imports of steel scrap to meet rising demand in China.

For example, one method could be to increase the refund rate of the 13% value-added tax applied on the domestic prices, which buyers pay, Cisa vice president Luo Tiejun said at a press conference last week.
He said that the government could consider raising the refund rate to 70%.
Currently, China's tax authority refunds 30% of the VAT paid to buyers.
A trader in eastern China said this would cut the cost of buying steel scrap and encourage steel mills to consume more of this raw material.
An industry analyst concurred, saying the move would make mills use scrap more actively.

"Steel mills will get some 110 yuan per tonne of VAT refund based on current prices if the refund rate rises to 70%,"...

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