China to scrap tax refund on veg oil export

Tag: Canned Fruit Vegetable

The Ministry of Finance says it plans to scrap partial refunds on export taxes levied on certain types of vegetable oil, including soybean, peanut and olive oil.

A 13 percent refund rate has been in place since September 2006. But all this will change Friday next week, as part of government efforts to ensure domestic supplies and stabilize prices.