The Ministry of Finance announced on December 26 that in 2007, China will continue to implement a 1% quota tax rate on imports of urea, diammonium phosphate, and ternary compound fertilizers.
In this regard, the relevant person in charge of the Ministry of Commerce stated that after December 11th this year, China opened the fertilizer market to foreign investors as scheduled, but the relevant fertilizer import and export trade policy remained unchanged: continue to implement state-trade import management, and appropriately increase business entities; Implement import tariff quota policy; continue to implement the taxation policy for fertilizer import and export, continue to suspend the export tax rebates for urea, diammonium phosphate, and monoammonium phosphate, retain the import VAT exemption policy for compound fertilizers and potash fertilizers, and reasonably adjust the import and export of fertilizers Tax rates regulate supply and demand.
It is understood that China has implemented state-of-the-art trade import management on chemical fertilizers since 2002, abolished the import quota system for chemical fertilizers, and implemented tariff quota management, creating the necessary conditions for China's fertilizer market to participate in international competition. Starting from November 1 this year, China has adjusted the temporary tariff rates of some import and export commodities in order to further encourage the import of resources and products that are conducive to technological innovation and control the export of high energy consumption, high pollution, and resource commodities. Among them, the temporary import tax rate for 16 chemical fertilizer products such as synthetic ammonia, fertilizer potassium nitrate, and heavy superphosphate is reduced from 3% to 5.5% to 1%, and 3 kinds of chemical fertilizers such as urea, diammonium phosphate, and ternary compound fertilizer are used. The tariff quota rate has been reduced from 4% to 1%.
It is understood that the total amount of fertilizer tariff quotas that could be distributed in 2007 was: 3.3 million tons of urea, 6.9 million tons of diammonium phosphate and 3.45 million tons of compound fertilizer. Its quotas for trade in China's commerce are 2.97 million tons of urea, 4.49 million tons of diammonium phosphate and 2.24 million tons of compound fertilizer; the import tariff quotas for non-state trade are 330,000 tons of urea, 2.41 million tons of diammonium phosphate, and 1.21 million of compound fertilizer respectively. Ton.
In addition, starting from January 1, 2007, China will continue to lower its import tariffs on 44 tariffs in accordance with the tariff reduction commitments of the World Trade Organization. After adjustment, China's total tariff level will be reduced from 9.9% to 9.8%, of which the average agricultural product tax rate is 15.2%, and the average industrial product tax rate is 8.95%. The provisional tax rates for imports will be applied to some resources and energy products, and new export tariffs will be imposed on high energy-consuming products. The relevant person expects that in 2008 there will be a number of commodities that need to reduce tariffs, mainly chemical products.
In this regard, the relevant person in charge of the Ministry of Commerce stated that after December 11th this year, China opened the fertilizer market to foreign investors as scheduled, but the relevant fertilizer import and export trade policy remained unchanged: continue to implement state-trade import management, and appropriately increase business entities; Implement import tariff quota policy; continue to implement the taxation policy for fertilizer import and export, continue to suspend the export tax rebates for urea, diammonium phosphate, and monoammonium phosphate, retain the import VAT exemption policy for compound fertilizers and potash fertilizers, and reasonably adjust the import and export of fertilizers Tax rates regulate supply and demand.
It is understood that China has implemented state-of-the-art trade import management on chemical fertilizers since 2002, abolished the import quota system for chemical fertilizers, and implemented tariff quota management, creating the necessary conditions for China's fertilizer market to participate in international competition. Starting from November 1 this year, China has adjusted the temporary tariff rates of some import and export commodities in order to further encourage the import of resources and products that are conducive to technological innovation and control the export of high energy consumption, high pollution, and resource commodities. Among them, the temporary import tax rate for 16 chemical fertilizer products such as synthetic ammonia, fertilizer potassium nitrate, and heavy superphosphate is reduced from 3% to 5.5% to 1%, and 3 kinds of chemical fertilizers such as urea, diammonium phosphate, and ternary compound fertilizer are used. The tariff quota rate has been reduced from 4% to 1%.
It is understood that the total amount of fertilizer tariff quotas that could be distributed in 2007 was: 3.3 million tons of urea, 6.9 million tons of diammonium phosphate and 3.45 million tons of compound fertilizer. Its quotas for trade in China's commerce are 2.97 million tons of urea, 4.49 million tons of diammonium phosphate and 2.24 million tons of compound fertilizer; the import tariff quotas for non-state trade are 330,000 tons of urea, 2.41 million tons of diammonium phosphate, and 1.21 million of compound fertilizer respectively. Ton.
In addition, starting from January 1, 2007, China will continue to lower its import tariffs on 44 tariffs in accordance with the tariff reduction commitments of the World Trade Organization. After adjustment, China's total tariff level will be reduced from 9.9% to 9.8%, of which the average agricultural product tax rate is 15.2%, and the average industrial product tax rate is 8.95%. The provisional tax rates for imports will be applied to some resources and energy products, and new export tariffs will be imposed on high energy-consuming products. The relevant person expects that in 2008 there will be a number of commodities that need to reduce tariffs, mainly chemical products.