In a bid to boost exports and industrial production, the Ministry of Commerce announced Monday that it will remove a tax on imports of copper concentrate and other raw materials for processing into export-bound products, the South China Morning Post reported. The removal of a 17% value-added tax on imports of copper, nickel and cobalt concentrate for processing into refined copper, unwrought nickel and cobalt powder for re-export reverses a two year-old policy, and will take effect on February 1. Furthermore, a 10% tariff on exports of these products, called tolling trade, will also be removed. Analysts said that the move could make mainland metals producers more competitive and boost exports of copper and nickel.
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