Wednesday, October 22, 2008

China to Increase Export Tax Rebate from Nov.

A China PortApproved by the State Council of China, the Ministry of Finance and the State Administration of Taxation announced on the 21st, increase export tax rebate rate on labor-intensive, high-tech and high value-added goods industry from November 1, 2008.

The export tax rebate rate adjustment is related to a total of 3486 products, about 25.8 percent of the total goods should be tariffed. There are two aspects: First, an appropriate increase of the export tax rebate on labor-intensive industry, such as ratein textiles, clothing, toys and other goods; the second is high-tech and high value-added goods industry, for example, anti-AIDS drugs.

After the adjustment, China's export tax rebate rate will be six levels: 5%, 9%, 11%, 13%, 14% and 17%.

The adjustments include: Increse the export tax rebate rate of some of the textiles, clothing, toys to 14%; art and daily-use ceramics to 11%; Some plastic products to 9%; part of the furniture to 11% or 13%; AIDS drug, recombinant human insulin freeze-dried powder, yellow collagen, toughened glass, tantalum wire for capacitors, ship cable, sewing machines, fans, hard alloy knives for CNC machine to 9% , 11%, 13%.

Originally Posted: China Business Daily
Author: Angulo Fu