Home / Knowledge / News / Textiles / Govt to raise export drawback rate

Govt to raise export drawback rate

22
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


Must ReadView All

Pic: Shutterstock

Textiles | On 10th Jul 2020

US, Kenya launch negotiations for free trade agreement

United States trade representative Robert Lighthizer and Kenya...

Pic: Shutterstock

E-commerce | On 10th Jul 2020

Commonwealth, ILO join partnership for inclusive e-com

The global 'eTrade for All' initiative, which aims at making digital...

Pic: Nike

E-commerce | On 10th Jul 2020

Nike Rise unveiled in Guangzhou as new store concept

Nike recently introduced Nike Rise, a first-of-its-kind store...

Interviews View All

Nitin Bhatia, Trend Arrest

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Deepak Jain, Baggout

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Top executives, Textile industry

Top executives
Textile industry

Defining MSMEs on the basis of turnover makes it simpler to do business

Sandra Sequeira,

Sandra Sequeira

The JD Institute of Fashion Technology is the educational division of JD...

Eric Schoeller,

Eric Schoeller

Groz-Beckert is the world's leading provider of industrial machine...

Ian Burn,

Ian Burn

Camira's expertise goes from farm to fabric and everything in between. The ...

Frank Heislitz, Freudenberg

Frank Heislitz
Freudenberg

Freudenberg Performance Materials is a leading global manufacturer of...

Eric Scholler, Groz-Beckert

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search