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T&G sector mints benefits with every percent rise in tax rebates
07
Apr '09
China's export tax rebate rates for textiles, clothing, light industries, electronic & information, steel, nonferrous metals, petrochemicals and other commodities have increased from April 1, 2009 and in the case of textile and garment sector it has touched 16 percent.

State Administration of Taxation recently pointed out on its official website that the estimated outgo of the government will increase by 31.2 billion Yuan for one year after this increase of export tax rebate rate, of which the tax rebate for textiles and clothing industry has swelled to 9.8 billion Yuan.

It is learnt that the textile and garment export enterprises have gained 7.6 billion Yuan of tax rebates from every one percent of increase in export tax rebate rate, but since China's value-added tax rate is 17 percent, therefore the upper limit of export tax rebate rate will not exceed 17 percent.

Fibre2fashion News Desk - China

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