From AFP:
China said on Sunday it will levy taxes on grain exports in 2008 in the latest move apparently aimed at reining in galloping inflation and ensuring stable domestic food supplies. The rates would range from five to 25 percent, according to a brief announcement posted on the website of the Ministry of Finance .
The move goes even further than one China announced just two weeks ago, when it said it would eliminate export tax rebates on 84 categories of grain and grain products. The new tax rates for wheat and wheat products were set at 20 percent and 25 percent, respectively. Processed corn, rice and soybean products will be taxed at 10 percent, while the tax on unprocessed grains will be five percent. [Full Text]
[Image: A farmer walks through a wheat field near Beijing by Frederic J. Brown from AFP/File. ]
