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'More corporate & individual tax cuts in offing' - Finance Minister
07
Mar '09
Mr Xie Xuren, Finance Minister
Mr Xie Xuren, Finance Minister
The Finance Minister of China, Mr Xie Xuren, while addressing the National People's Congress, announced that, China is expected to cut corporate and individual taxes by around US $73.21 billion in 2009, in an effort to kick-start the economy

In the last few months China has implemented several measures to boost the sagging economy like increasing duty drawback rebates four times, procurement of cotton among many other incentives to revive the economy.

China also reformed the structure of value added tax to lower cost of companies purchasing machinery and equipment and all the tax schemes are in line with a positive fiscal policy, which envisages more public spending.

The four time increase in export duty drawbacks, implemented in the last few months have immensely helped the textile and garment industry to survive through the crisis and help reduce direct impact of the economic crisis.

Fibre2fashion News Desk - India

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