China may Adjust Taxes for Steel Logistics Industry
[2010-01-08 09:07:30]
Mr He Liming vice chairman of the China Federation of Logistics & Purchasing said that China is now drafting new regulations for tax adjustments in the steel logistics industry.
Mr Liming added that the new regulations are expected to change unreasonable phenomena such as repetitive taxation in that industry. The business taxes in the storage and delivery sectors will likely be unified to 3% respectively, instead of the present 5% and 3%.
The China Federation of Logistics also suggests speeding up the pilot program. The logistics enterprises are expected to enjoy the new tax treatment if they are assessed as "A" class. The number of the first batch of enterprises selected in the pilot program has reached 600 to 700.
Currently, China has about 250,000 iron and steel logistics companies covering such fields as processing, distribution, storage and packaging. However, the whole industry is still small and scattered, with resources improperly distributed.
Source: www.chinamining.org
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