China to End Tax Rebates

China's Ministry of Finance and State Administration of Taxation has announced that tax rebates on 406 products would end starting July 15, says the South China Morning Post.

 

Introduced in September 2008, the export rebates of 5% to 17% were meant to help the export industry during the economic crisis.

 

The Post notes that the rebates will no longer apply to exported products such as  steel, semi-finished nonferrous metal, silver powder, ethanol, corn starch, pesticides, pharmaceuticals, chemicals, plastics, rubber and glass.

 

The move, however, could put pressure on exporters after Beijing announced it will allow the yuan to appreciate.

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