Home > Financial Crisis > Challenging Financial Crisis > Ministries Action > General Administration of Custom of PRC
China to raise export tax rebates for machinery products
[2009-01-13 09:13:00]
BEIJING, Dec. 29-- China will increase the export tax rebates for some machinery products as of Jan. 1, 2009, in a bid to alleviate cost burdens on exporters, the country's taxation watchdogs said Monday.
The rebate hikes will involve 553 types of high-tech and high value-added mechanical and electrical products, the Ministry of Finance (MOF) and the State Administration of Taxation announced.
Export tax rebate rates for industrial robots and inertial navigation systems for aviation use will be increased to 17 percent, from 13 percent and 14 percent respectively.
The rebate rates for exported motorcycles and sewing machines will rise to 14 percent. Their current rebate rates stand at 11 percent and 13 percent respectively.
"The move will help ease the sufferings of Chinese exporters and boost the country's confidence in fighting the financial crisis," the MOF said in a statement.
It was China's fourth rebate hike on exported products this year, and one of several government's measures to counter the global economic downturn that has dampened foreign demand.
The most recent increase took effect on Dec.1, covering 3,770 items of labor-intensive, mechanical and electrical products, or 27.9 percent of the country's total exports.
The previous two rebates were made in August and November.
Official data showed China's November exports declined year-on-year by 2.2 percent to 115 billion U.S. dollars, the first monthly decline since June 2001. Before that, export growth slowed from 21.5 percent in September to 19.2 percent in October.
China levies value-added tax on most products, but refunds varying amounts of that tax on goods that are exported. The government usually adjusts the size of export tax rebates for different types of goods when it is trying to encourage or discourage growth in particular industries.
Source: Xinhua Article type:Reproduced
Related Articles:
- Dalian Exported Chemical Fertilizers More in First Half 2017
(2017-08-24) - Shantou Toy Export Value Down, Price Up, in First Half 2017
(2017-08-22) - East Guangdong’s Import Value Up 21.8% in First Half 2017
(2017-08-22) - Shantou City “One Belt and One Road” Trade Up in First Half 2017
(2017-08-22) - GACC Announcement No.34, 2017 on Customs Control Code “0139” Repeal
(2017-08-02) - Dalian Food Exp & Imp Up YOY in Jan-Apr 2017
(2017-07-19) - Dalian Garment Export Down 3% in Jan-May 2017
(2017-07-18) - Dalian-USA Exp & Imp Trade Up in Jan-May 2017
(2017-07-18) - Dalian Frontier Trade Up Mildly in Jan-May 2017
(2017-07-18) - Guangdong Province Toy Export Up Fast in April 2017
(2017-07-11)
Most Read
- Regulation of Customs of the People’s Republic of China on the Preferential Admi
(2009-01-16) - China Issues New Product Catalog Under Import/Export Licensing
(2009-01-09) - Despite Oil Finds, China will Rely Heavily on Imports
(2009-01-16) - Measures of the General Administration of Customs of the People’s Republic of Ch
(2009-01-06) - Ministry of Commerce promulgates Catalogue for Graded License Issuance of Goods
(2009-01-15) - Circular of the State Administration of Taxation on How to Deal with Related Iss
(2009-01-15) - Ministry of Commerce Called for Adopting Six Measures to Intensify the Efforts t
(2009-01-14) - CNCA adjusts inspection and treatment procedures for special import products exe
(2009-01-13) - Two Kinds of Goods Under Import License Management in 2009
(2009-01-13) - Opportunities Face China Banking Industry in 2009
(2009-01-12)
Related Photos