Home / Knowledge / News / Textiles / Taiwanese Cabinet approves tax rebates to boost textile exports
Taiwanese Cabinet approves tax rebates to boost textile exports
08
Oct '11
Aiming to boost exports of textiles and other items, the Taiwanese Cabinet has approved the proposal of the Ministry of Finance (MoF) for introduction of tax rebates on import of several items that are used in the manufacturing of goods meant for exports.

A number of Taiwanese exporters need to ship in raw inputs and mechanical components from other countries, to support production of finished products in the country. Such imports are subjected to tariffs, which raise production cost and ultimately affect exports.

Hence, to reduce the burden of additional cost of Taiwanese exporters, the Government has introduced tax rebate for 1,269 products which attract tariffs in excess of 4.3 percent. These products largely belong to six sectors, including textiles and chemicals.

All exporters who use any of the 1,269 items in production of finished goods meant for exports would qualify for such a rebate. The total tax rebate is estimated to be around NT$ 435 million per year.

During the 2009 global financial crunch too, the Taiwanese Government had provided tax rebates to help the exporters. Considering the numerous adversities that the domestic exporters are confronted with during the current year, the Government has once again chosen to resort to the practice of offering tax rebates.

Taiwan's domestic export trade is confronted with several adversities like the bond credit crisis in the US and EU, coming into effect of the free trade agreement between Korea and the EU, crumpling of the global markets and the US economic slump.

Currently, 3,135 of 8,726 categories of goods imported into Taiwan qualify for tax rebates. The tax rebate amount averages to NT$ 1.5 to 2 billion per year, and touched NT$ 1.97 billion during last year.

The widened scope of tax rebates is seen to raise the competitiveness of exporters, particularly of the small and medium sized exporters, in the global market.

Fibre2fashion News Desk - India


Must ReadView All

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Top executives
Textile industry, India

The event should be organised every year

Dharmendra Shah
Ozone PB Spintex Limited

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

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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

October 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.1%
No
12.9%
Skip
10.0%

Total Votes: 70

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.4%
No
28.6%
Skip
10.0%

Total Votes: 70

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.7%
No
10.0%
Skip
4.3%

Total Votes: 70

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.7%
No
11.4%
Skip
12.9%

Total Votes: 70


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search