China Extends Rubber Anti-Dumping Duties
16/05/2011 194
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The Chinese government has announced that it has extended for five years anti-dumping duties in place since 2005 on chloroprene rubber imports from Japan, the United States and the European Union. The announcement will be welcomed by local industry which lobbied for its extension.
Following the Chinese Ministry of Finance's decision, the duty will remain in place until it is again subject to review on May 9, 2015.
Upon investigating its removal the Ministry surmised that should it cease the duties 'dumping' would reoccur, damaging the domestic industry.
Accordingly, an amendment has been made to the Regulations of the People's Republic of China on Anti-dumping, to extend duties into 2015.
Anti-dumping duties can be introduced to prevent foreign producers from selling to a nation's market below domestic market prices. The level of duty is generally determined by the price differential between the price in the domestic market and the price of the export being sold. A tax on the latter inflates the selling price when entering the domestic market, removing the competitive disadvantage that otherwise would have been placed on the domestic producer.
May 13th, 2011
Source: tax-news.com
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