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Revised export rebate tax for textile to be out, soon!
28 Apr '07
2 min read
It is learned from a reliable source that the Ministry of Finance will meet next week to discuss how much percent should be lowered for textiles and garment export rebate rate. It is clear that the export tax rebate policy will be introduced within a month.
Meanwhile, in order to prevent the surge of exports, the current round of textile export tax rebate adjustment might not provide any transition period. However, State department officials still have major differences on that.
Exhibitors of textile enterprises in the current 'Canton Fair' are facing great challenges from various levels when accepting orders, but textiles and clothing turnover on the current fair is still enlarged. Statistics show that garment transaction volume has reached US $3.29 billion, textile deals marks $2.73 billion, representing 13.9 percent and 10.5 percent growth, respectively, over the same time of the previous fair.
It is learned that it takes at least 70 days for textile and garment industrial chain to complete the production from raw materials to finished products. Enterprises are hoping and praying for a transition period for this tax adjustment.
As to whether the state will give any transitional period, China Textile Import and Export Chamber of Commerce Vice-President Jiang Zhe disclosed, at present, relating government departments face divergent views and the issue is still under discussion.
Meanwhile, in order to prevent the surge of exports, the current round of textile export tax rebate adjustment might not provide any transition period. However, State department officials still have major differences on that.
Exhibitors of textile enterprises in the current 'Canton Fair' are facing great challenges from various levels when accepting orders, but textiles and clothing turnover on the current fair is still enlarged. Statistics show that garment transaction volume has reached US $3.29 billion, textile deals marks $2.73 billion, representing 13.9 percent and 10.5 percent growth, respectively, over the same time of the previous fair.
It is learned that it takes at least 70 days for textile and garment industrial chain to complete the production from raw materials to finished products. Enterprises are hoping and praying for a transition period for this tax adjustment.
As to whether the state will give any transitional period, China Textile Import and Export Chamber of Commerce Vice-President Jiang Zhe disclosed, at present, relating government departments face divergent views and the issue is still under discussion.
Fibre2fashion, News Desk - China
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