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Tax rebates increased for seventh time since August '08

09
Jun '09
To ease pressures on export enterprises and promote sluggish foreign trade, Chinese Government has once again provided support to exporters by further increasing tax refund rates starting from June 1 this year. This is the third increase of export refund rate this year and also the seventh increase since August last year.

According to the announcement, export tax rebate rate of labor-intensive products such as bags, shoes and hats, umbrella, hair products, toys, furniture and so on has increased to 15 percent, while the same on TV equipment, sewing machines and other commodities has been increased to 17 percent.

According to the National Tax Administration of Statistics, the adjustment relates to more than 2600 products in 10 tariff lines, including labor-intensive products, high-tech products and products of deep processing sector and overall contribution of the government towards this is expected to reach about 25.2 billion Yuan.

Since this new adjustment, China has abolished two slabs of rebate rates of 11 percent and 14 percent and now overall tax rebate rates have been reduced to just seven slabs. Prior to this adjustment, data released by the Customs showed that China's total imports and exports in April registered US $170.73 billion, down 22.8 percent drop year-on-year.

The drop enlarged by 1.9 percentage points from that in March and China's exports have indicated a negative growth for six consecutive months. The foreign trade situation in the month of May is also not expected to be optimistic, as major trading partners of developed countries are still bogged down in financial crisis.

Fibre2fashion News Desk - China


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