What is China's new export tax rebate rate?
Meanwhile, the export tax rebate rate for some refined oil products, photovoltaic products, batteries and certain non-metallic mineral products will be reduced from 13 percent to 9 percent. China announced on Friday that it will change export tax rebates for a range of products, effective from Dec. 1.
What is the new energy rebate policy?
The policy also involves a downward adjustment of export rebates for high-tech and energy-related products. The rebate rate for PV panels, lithium batteries, refined petroleum, and select non-metallic minerals will drop from 13% to 9%.
Is export tax rebate a major negative for export enterprises?
It is undoubtedly a major negative for export enterprises in these industries. This announcement shall come into effect as of December 1, . The export tax rebate rates applicable to the products listed in this announcement are defined by the date of export indicated in the export goods declaration."
How to reduce export tax rebate rate?
1. Ease international trade tensions Externally, the reduction of export tax rebate rate is also to offer an olive branch to Western countries, reduce the low price dumping of enterprises in the international market by reducing tax rebate subsidies, thereby reducing the initiation of anti-dumping and trade wars, and help ease trade tensions.
When will the export tax rebate policy be adjusted?
On November 15, the Ministry of Finance and the State Administration of Taxation jointly issued the Announcement on Adjusting the Export tax rebate Policy, which plans to implement a series of important adjustments from December 1, .
Why should China adjust export tax rebate policy?
However, the downward pressure on the global economy continues to increase, and multiple external factors have posed a severe challenge to China's exports. In this context, the adjustment of export tax rebate policy has become an effective means to deal with challenges and promote economic transformation and upgrading.
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