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Govt to raise export drawback rate
Oct '08
Ministry of Finance, State Administration of Taxation announced yesterday, October 21, that China will increase export drawback on products of high labor-intensive and high-tech value-added industries from November 1, 2008.

The officials from Tax Department of Ministry of Finance and State Administration of Taxation said that this step will provide some relief to the exporters and also improve export competitiveness.

According to the notice released, drawback rate on exports of textiles, clothing and toys will be increased to 14 percent. Besides, rate on sewing machines will also be raised considerably.

The Chinese exports have already been adversely affected by international economic crisis and the exports are projected to decline further in future.

Thus, experts said that if the Government does not take measures, economic development of the country will dwindle significantly.

Therefore, it is necessary to make appropriate adjustments through various fiscal policies, so as to help enterprises tide over current difficulties.

Fibre2fashion News Desk - China

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