Tax Rebate Planned for China's Steel Industry

by CFO Innovation Asia Staff, 07 August 2012

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Accounting and Regulations Tax

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steel industry tax tax rebate VAT

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Chinese steel producers that sell high-end steel products to exporters based in the country may soon get value-added tax rebates.

According to the China Iron and Steel Association (CISA), the industry's profits plunged by 95.8% during the first half of 2012 compared with the same period due to weak global demand.

The measure, if implemented, may help alleviate the domestic supply glut and reduce imports, hitting regional steel producers.

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