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Cross-border trade in RMB receives cold shoulder
15
Sep '09
Settlement of cross-border trade in RMB was officially launched in July 2009. As of August 31, RMB clearing business in cross-border trade has touched 63 cases in four pilot cities of Guangdong Province, with total clearing amount reaching 48 million Yuan.

Experts point out that failure of the state in issuing a detailed rule for claiming tax rebates is one of the reasons for the RMB settlement of cross-border trade being given a cold shoulder in the first two months since it was initiated.

Finally, the State Administration of Taxation issued a notice on August 25 to formally and explicitly simplify refund procedures of cross-border trade for those companies involved in cross border transactions.

After the issuance of the order, tax rebates have been settled in the provinces of Shanghai, Dongguan and Shenzhen in early September, due to which the issue of refund of tax rebates which worried the companies has been resolved.

Fibre2fashion News Desk - China

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