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Govt restores export tax rebate for textile & clothing sector
01
Aug '08
The Ministry of Finance and State Administration of Taxation announced on July 31 a restoration of export tax rebate for textiles and clothing to 13 percent from the existing 11 percent.

The increase in tax rebate has been approved by the State Council and will come into effect from August 1, 2008.

The country had been expecting an ease in trade controls for a long time to help domestic exporters, especially those in the textile industry, who have been suffering from reduced margins due to rising yuan and higher production costs.

Besides, the export tax rebate rate on bamboo products will also be increased to 11 percent. However, the rumor of an increase in export tax rebate rate on viscose fiber to 15 percent did not materialize.

The government has in the past, cut the export tax rebate twice, in 2005 and 2006, as part of an effort to reduce a rapidly increasing trade surplus.

Fibre2fashion News Desk - China

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