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T&G sector clamours for increase in tax rebate
03
Sep '09
Since the outbreak of the financial crisis, China's export situation has worsened under the impact of multiple factors, such as global economic slowdown and the appreciation of Yuan and has recorded negative growth for the last eight consecutive months.

The textile industry has suffered a severe blow, as some industries shut down or some cut their production capacity. The biggest blow was dealt to foreign invested enterprises which were placed on the edge of life and death.

In response to the global financial crisis, from August 1, 2008, the state increased export tax rebate rate on textiles and clothing from 11 percent to 13 percent and once again raised the same to 14 percent from November 1, 2008.

In February 2009, the state once more implemented an increase in export tax rebate rate to 15 percent. Two months later, the executive meeting of the State Council decided to once again improve export tax rebate rates to 16 percent from April 1, 2009 onwards.

Despite the fact that export tax rebate rates of textile and garment sector has been raised repeatedly from 11 to 16 percent in a period of nine months, the sector is still clamouring for an increase to 17 percent, in view of negative growth of exports from the sector.

Fibre2fashion News Desk - China

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