Suppressing grain exports to alleviate the rise in food prices ⊙Reporter He Peng Xue Li
The Ministry of Finance announced yesterday that with the approval of the State Council, since December 20, 2007, the export tax rebates for wheat, rice, rice, corn, soybeans and other raw grains and their milling have been cancelled.
The Ministry of Finance stated that the export contract that has been signed before December 20, 2007, which cannot be changed, will be signed and filed with the tax authority that is responsible for the export tax rebate before December 31, 2007 with the signed contract text (original and copy). .
After the record of the export contract, the export approval before February 29, 2008 shall be implemented according to the export tax rebate rate before the adjustment; the unregistered export contract shall be executed according to the adjusted tax rebate rate. After March 1, 2008, both new and old contracts will be executed according to the adjusted tax rebate rate.
Analysts said that since the beginning of this year, China’s price level has risen structurally. The main reason is the price increase caused by grain. Under this circumstance, the export tax rebate for five food crops such as wheat can be eliminated, which can inhibit the export of food commodities to a certain extent. Guarantee domestic supply, thereby alleviating the rise in domestic food prices.
In 2002, the Ministry of Finance and the State Administration of Taxation issued the "Notice on Zero Tax Rates for Exporting Rice, Wheat, and Maize Value-Added Taxes", which stipulates that the export of rice, wheat, and corn VAT will be zero-rated, and the export tax rebate rate of 13% will be implemented.
Data show that from January to November, China's corn exports were 4,870,000 tons, up 85.3% year-on-year; soybean exports were 400,000 tons, up 23.8% year-on-year; rice exports were 1.13 million tons, up 5.8% year-on-year; wheat exports totaled 1.847 million Tons, an increase of 206.51% year-on-year.
For some time, the state has increased macroeconomic regulation and control of food. On October 1, the state adjusted the import tariff on soybeans from 3% to 1%. From November to December, the state procured 400,000 tons of soybean oil, duty-free and value-added tax, and more than half of the soybeans and soybean oil prices that depended on imports fell rapidly.
Cao Changqing, director of the Price Department of the National Development and Reform Commission, said recently that the price of the government's reserve market has increased in response to the recent increase in the price of wheat and corn in some regions. At present, prices have begun to fall back and stabilize.
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