SHANGHAI Dec. 28 (CBI China)--The Customs Tariff Commission of the State Council examined and passed the New Customs Tariffs for 2008, effective 1 January 2008.
Important Adjustment on Copper Products
1. Refined copper cathodes, refined copper cathodes profiles, unrefined copper, and copper anodes will fall to 0% from the present 2%.
2. The present 1.5% import tax rate on scrap copper will also be eliminated.
The most significant act of the adjustment is to remove import taxes on refined copper regardless of origin (the current import tax rate is 0% on refined copper from Chile, but 2% for all others), reflecting China's intention to encourage imports of deficient resources and important raw materials.
1. High-purity copper cathodes (copper content above 99.9935%) fall from 10% to 5%, but export tax rates on other copper cathodes will remain at 10%.
2. Unwrought copper alloy will fall from 10% to 5%.
3. The 10% export tax rate on copper rods, profiles, plates, sheets, strips, and wires will be eliminated completely.
Important Adjustment on Zinc and Lead Products
1. Unwrought zinc with zinc content below 99.99%(2# zinc) will rise to 15%.
2. The export tax rate on unwrought refined lead will remain at 10%.
Tariffs on 1# and 0# zinc were left unchanged although their export volumes of both products are huge, so the adjustment of 2# zinc products will exert little influence on the market. The greatest concern for market players is the export tax rebate for 0# zinc.
Negotiations over treatment charges for lead will likely begin again as the 2008 tariff for unwrought refined lead has now been determined.
Important Adjustment on Aluminum Products
The import tax rate on alumina will fall from 3% to 0%
The adjustment of aluminum import rates reflects China's intentions to encourage importation of deficient resources and important raw materials while restricting export of energy-intensive, highly-pollutive, and resources-consuming products.
1. The export tax rate for bauxite will rise from 10% to15%.
2. H.S. codes of aluminum rods will be specified, and their export tax rates will rise to 15%。