Monday, 8th August 2005 (3357 views)

The Chinese government has announced that it has abolished VAT and the VAT rebate on the export of precious metals, including gold.

In a statement issued by the State Administration of Taxation, the Chinese authorities revealed that the government has scrapped the duty on the export of precious metals for use in jewellery, industrial and chemical applications.

Jewellery made of precious metals, including gold, has been freed from the duty, as China looks to boost its position in the precious metals marketplace.

China's exports of jewellery made with precious metals increased during the first half of the year by 19.6 per cent, customs data has revealed.


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