Shanghai: The lack of uniform collection of value-added tax has sparked renewed confusion over future soymeal imports to China, traders said on Wednesday. A shipment of South American soymeal apparently entered a south China port last month without paying the 13-per cent VAT, they said.The five-per cent import tariff on soymeal, however, was collected. Since then, there has been much talk in the market that other cargoes of soymeal were also exempted from the VAT, the traders said.
From the inception, the soymeal VAT had caused confusion in the absence of clear-cut rules. After months of speculation, the State Administration on Taxation in March published a list of agricultural imports exempt from VAT which did not include soymeal.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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