Home / Knowledge / News / Tax rebates increased for seventh time since August '08
Tax rebates increased for seventh time since August '08
09
Jun '09
To ease pressures on export enterprises and promote sluggish foreign trade, Chinese Government has once again provided support to exporters by further increasing tax refund rates starting from June 1 this year. This is the third increase of export refund rate this year and also the seventh increase since August last year.

According to the announcement, export tax rebate rate of labor-intensive products such as bags, shoes and hats, umbrella, hair products, toys, furniture and so on has increased to 15 percent, while the same on TV equipment, sewing machines and other commodities has been increased to 17 percent.

According to the National Tax Administration of Statistics, the adjustment relates to more than 2600 products in 10 tariff lines, including labor-intensive products, high-tech products and products of deep processing sector and overall contribution of the government towards this is expected to reach about 25.2 billion Yuan.

Since this new adjustment, China has abolished two slabs of rebate rates of 11 percent and 14 percent and now overall tax rebate rates have been reduced to just seven slabs. Prior to this adjustment, data released by the Customs showed that China's total imports and exports in April registered US $170.73 billion, down 22.8 percent drop year-on-year.

The drop enlarged by 1.9 percentage points from that in March and China's exports have indicated a negative growth for six consecutive months. The foreign trade situation in the month of May is also not expected to be optimistic, as major trading partners of developed countries are still bogged down in financial crisis.

Fibre2fashion News Desk - China

Must ReadView All

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search