Export tax rebates on textiles & garments raised to 16%
Fibre2fashion.com
Premier Mr Wen Jiabao chaired an executive meeting of the State Council on March 25, 2009 in which it was decided to increase the export tax rebate of textile, garment, light industry and other sectors from April 1, 2009 onwards.
The Ministry of Finance issued a circular on the 27th, announcing that export tax rebate rate on textiles, clothing, light industry and other sectors will be raised from April 1, 2009. The rebate on textiles will now be 16 percent.
The textile and garment trade was expecting the tax rebate to be raised to 17 percent, but still 16 percent is very good enough, say experts. The government has raised export tax rebates for the fifth consecutive time in the last eight months.
This adjustment of export tax refund rate involves 3802 tax items.
Fibre2fashion News Desk - China
Add comment April 1st, 2009