Camu lobbying government for scrap incentives

Jun 11, 2012 | 02:11 AM |

The China Assn of Metal Scrap Utilisation (Camu) wants the Chinese government to halve the 17% value added tax that scrap companies pay when buying the materials to promote the use of scrap and boost production.

It also wants the VAT scrap rebate for steel mills to be increased from 17% to 25%.

"A proposal has been delivered to the government that tax burdens should be reduced for scrap users, including scrap companies who collect and process scrap and steel mills who consume scrap," Wang Zhenwu, honorary chairman of Camu, said on the sidelines of the 1st Chinese Renewable Resources Industry Development Summit on Friday June 8 in Qingdao.
Wang said that the Chinese Ministry of Finance is currently discussing the proposal with Camu, and that the association is hoping for a decision soon.....

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