The decision taken by China’s State Taxation Commission to scrap a 13 % value-added tax (VAT) on Soyameal will be postponed until June 15 and will be implemented later on.

In a meeting with several government departments in Beijing, it is reported that soybeans industry representatives argued about waiving VAT on imports would hurt the crushing margin and put many of them out of business, they said.

Market Update
(Oil Seeds)