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Export tax rebates begin to show their true colours
Mar '09
According to the latest statistics from Department of Taxation, in the first two months of this year, the actual amount of export tax rebate reached 66.7 billion Yuan (excluding storage adjustment), up 20.8 percent, over the same period last year.

"Compared to the continuous decline in exports, export tax rebate amount showed further growth, indicating that China's policy of raising export tax rebate rate has begun to show its effectiveness”, said an official from the State Taxation Administration.

The State has raised export tax rebate rate for a few labour intensive industries like textiles, clothing, electrical parts, etc, four times in the last few months, which has effectively put a brake on the fast rising negative growth rate of exports.

The tax rebate amounts paid out in the first two months of 2009 are mainly for the last two months of 2008; November and December. The amount also includes rebate claims for January 2009 and in a few cases for February too.

According to the data released by the administration, although export situation has not improved very much, but the settlement of tax rebate claims will definitely help the liquidity problems of the exporters at least in the short term.

Fibre2fashion News Desk - China

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