SHANGHAI, Oct. 29 (SMM) – China may adjust the value added tax (VAT) imposed on silver contained in imported lead concentrate, either by export tax rebate or import tax exemption, SMM learns.
China imposes a 17% VAT on silver in imported lead concentrate, while the tax is not returned when silver ingot is exported. This has squeezed margins of Chinese lead smelters, or compounded losses of those smelters already in the red.
Many companies have submitted proposals to the Ministry of Commerce (MOFCOM), calling for a resumption of export rebate or exemption of the import tax. The MOFCOM is reportedly muling an adjustment to the tax policy.
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