23 June 2009 10:41 [Source: ICIS news]
LONDON (ICIS news)--The Chinese Ministry of Finance will cut or eliminate export taxes on nearly 100 categories of goods, including some agricultural products and fertilizers, starting 1 July in an attempt to boost the country's flagging economy, fertilizer trader sources said on Tuesday.
As part of this strategy, the government extended the period during which the lower 10% export tax window on urea fertilizer applied to include up to the middle of September and the first half of November.
The 10% duty on urea now applied during all of July, August, the first half of September and 1 November to the end of December. At other times, the duty would revert to 110%.
The 10% duty on diammonium phosphate (DAP) now applied for an extra 45 days to include all of August and the first half of November. The duty now applied from July-August and 1 November to the end of the year. At other times the duty would also revert to 110%.
A 10% duty on blended fertilizers including nitrogen and phosphate (NP), nitrogen and potash (NK) and nitrogen, phosphate and potash (NPK) blends now applied for the rest of the year, rather than the previous 35-75% dependent on whether it was low or high season in the Chinese domestic market.
There was no change to the current export duties applicable to phosphate rock and triple superphosphate (TSP).
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