VAT back on fertilizer
Print Edition
CHINA will resume levying value-added tax on fertilizer sales and imports to meet new market conditions, according to a government statement released yesterday.
VAT is charged at 13 percent and will come back into effect in the sector from September 1, according to the statement from the Ministry of Finance, the General Administration of Customs and the State Administration of Taxation.
A VAT freeze on fertilizer sales and imports was introduced by the government in 1994 in a bid to keep supplies and prices stable.
However, the market is now burdened with overcapacity, with farmers and companies facing increasing problems due to the outdated policy, the statement said.
Agricultural production and farmers’ incomes will not be affected by the policy change as the government has set up a subsidy to keep related prices stable, it said.
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