China to cancel tax refund for some export pesticides

On June 22, Ministry of Finance, the State Administration of Taxation release of "some of goods on to cancel the export tax rebate rate of notification", which announced that to cancel the tax refund on some goods with effect from July 15, reports Agropages. According to the Ministry of Finance, the tax refund will be called-off on some exported steel, non-ferrous metals, silver powder, alcohol, corn starch, pesticides, medicines, chemical products, plastic goods, rubber and glass products.

Pesticide ais for which the export rebate has been cancelled include: glyphosate, methoxychlor, nithophen, acequinocyl, dalapon, binapacryl (ISO), dibutyl succinate, chlorfenvinphos, inezin, endosulfan, sulfotepp and more.

The Wynca, one of the largest glyphosate manufacturers worldwide, was severely impacted by this adjustment. Shares of Wynca (600596, SSE) were traded at RMB 12.60, down 1.95% from previous close.

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