[Ferro-Alloys.com] One item, three tax codes! When declaring at customs, you may encounter such a wired thing.There is no single, uniformed tax code on cored wires products as a whole.

Mr. Zong Huimin from Shanghai Customs College made a speech on The 9th Cored Wire Technology & Trade Summit held 21th, August and discussed the topic with some 120 entrepreneurs and experts.

Mr. Zong introduced the classification principles, the developments on HS (harmonized commodity description and coding system) and current customs’ policies on export.

Cored wires as a new thing had appeared in 1980s and there were no specified description on its classifications yet.

Whether it belongs to cored wires as a new item or ferro-alloys, the determination would have large impact on taxes. Duty-free, tax rebate or heavy tax imposed? Prices would vary by criteria.  

Companies and the industry as a whole thus would greatly be shocked.

The 2015 edition of commodity classification released by China Customs specified tax code for FeCa cored wires. This move brought mass attentions to policy change. At present, ferro-alloys products are imposed heavy duties on export.

Now, as an industry featured overcapacity, it needs to be boosted on export. 

• [Editor:Zhang Xing]