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

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 platinum, as well as platinum and gold for use in catalysts, have been freed from the duty.

China is already known to be looking to increase its activity in the platinum market, and the announcement will increase speculation over a possible deal between the country and Zimbabwe.

Zimbabwe has been actively courting China in an attempt to bring more investment into the country through the platinum industry.

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.


Ÿ DeHavilland Information Services plc