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China to raise export tax rebates

China to raise export tax rebates

China will this week raise export tax rebates on hundreds of products, the government said yesterday, in its latest effort to help exporters struggling amid the global economic meltdown.
The boost for 553 machinery and electronic products will take effect from Jan. 1, the finance ministry said, adding to a wide range of tax incentives for thousands of other items that have been introduced since October.
The ministry did not give specifics for all of the latest changes, but gave examples of some products. Rebates on robots for industrial use will be raised to 17 percent from 14 percent, while those on motorcycles and sewing machines will jump to 14 percent from 11 percent and 13 percent respectively, it said.
The hikes will help "alleviate the difficulties companies (are facing) and boost their confidence to get through the financial crisis," a statement posted on the finance ministry's website said.
The statement fleshed out an announcement by the State Council, or cabinet, last week flagging more tax help for exporters of machinery and electronics products.
The rebates mean Chinese enterprises can get back a certain amount of the money they have paid in value-added tax for items that have gone into the production of export goods.
Overseas sales dropped 2.2 percent in November from a year earlier, the first decline in more than seven years, and thousands of exporting factories have been forced to close.


Updated : 2021-06-19 09:41 GMT+08:00