China to scrap taxes on re-export of some metals

China will eliminate taxes on imports of copper, nickel and cobalt concentrate, as well as on exports of the finished metals and aluminum products, from 1 February, in a move that promises to boost the country's metals exports, Reuters reported. China will reverse a two-year old policy of taxing these flows, in a bid to spur domestic demand, analysts and smelter officials said on Monday. The policy will allow selected smelters, such as Jiangxi Copper, to import concentrates duty-free as long as they export the finished product. Copper and nickel concentrate imports are currently subject to a 17% value-added tax, and exports of refined copper and unwrought nickel are taxed at 10% and 15% respectively.