China exempts state meat, soybean stockpilers from some taxes

BEIJING  China has decided to exempt companies stockpiling commodities including soybeans and meat in state reserves from certain taxes for three years, the country's Ministry of Finance said on Thursday

* Stockpilers including Sinograin, China Merchandise Reserve Management Center and storage facilities under their management will be exempt from stamp duties on trading contracts established in the process of stockpiling the commodities, the ministry said on its website

* The exemption, which benefits firms authorised to stockpile grains, including soybeans, edible oils, cotton, sugar and meat, lasts from Jan. 1, 2019 and Dec. 31 2021

* Companies that have already paid the taxes this year can claim a rebate

* The companies will also not have to pay property and urban land use taxes on premises they use to stockpile the commodities, according to the statement.