MELTING POT Taxed to confusion

Nov 14, 2008 | 10:22 AM |

China's revision of some export taxes last week caused some head scratching, especially among the country's ferroalloys traders.

The official spreadsheet released by the Ministry of Finance had two columns for each product one labeled "tax," the other "provisional tax." But no one in the market seemed to know which column indicated the new tax. "For ferrochrome, I think the form is telling me that starting Dec. 1 I need to pay 40 percent instead of the 20 percent under the provisional tax, and I am just about to adjust my export offers to reflect this," a producer source in Jilin province said. Wrong. "I think if....

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