Textile Export Tax Rebate Rate Rises
It is less than a month since Premier Wen Jiabao investigated the impact of the export tax rebate in Wuxi. Textile enterprises' expectation of raising the export tax rebate rate has become a reality.
Yesterday, the State Administration of Taxation announced that the export rebate rate of textile and clothing increased from 11% to 13%.
Zhou Dewen, chairman of the Wenzhou SME Promotion Committee, who has studied closely the decision-making level, believes that this adjustment may be the first positive benefit of a series of preferential tax policies in the second half of the year.
It is expected that this is good news.
"Textile export tax rebate rate increase is expected, of course, the textile industry is good news." Yesterday, Da Ping, the first cotton mill in Wuxi, said. Half a month ago, the textile industry professional told the Morning Post reporter that the textile export tax rebate rate is expected to increase in the second half of the year.
His inference is valid. In July 4th, when Premier Wen visited Jiangsu, he deliberately changed his itinerary to inspect the first cotton mill in Wuxi and asked the export tax rebate question voluntarily.
Yesterday, when a reporter contacted Zhou Dewen, chairman of Wenzhou SME Promotion Association, he was very excited to say that he had seen the notice of raising the tax rate. Zhou Dewen said that although there was a gap between the expected increase of 15% and the time before, the government's timely introduction of such a tax policy really complied with public opinion and heard voices from the public.
Most textile enterprises can alleviate difficulties.
In fact, the idea of raising the export tax rebate rate has been circulating for many days in the industry. Now, once the reality becomes a reality, the impact is immediate. China's first textile network believes that the export tax rebate rate callback of one percentage point, equivalent to 1% of the total export volume of enterprises directly increased to corporate profits, for export enterprises, the export tax rebate rate callback is positive and rapid.
Yesterday, a number of agencies generally predicted that the tax rate would increase by 2 percentage points, and the added value of textile enterprises' export profits would exceed 2 billion 500 million dollars. Although it is not possible to exclude foreign importers from taking the opportunity to get a price cut from the profits, the difficulties of most textile enterprises may be eased.
According to the latest data released by China Customs, the profit margin of 2/3 in textile industry is only 0.62%. The export volume of China's textile and clothing in June was 15 billion 520 million US dollars, down 4.2% compared with the same period last year.
More preferential policies in the second half of the year
"In the next six months, I believe that the government will continue to offer some preferential policies." Zhou Dewen told reporters, "however, the amplitude may not be very large, and still focus on fine-tuning. The adjustment level in the first half of next year is expected to really increase."
As early as the decision-making level in the various private enterprises in Jiangsu and Zhejiang, Zhou Dewen has repeatedly shouted: can we introduce some tax policies to support small and medium enterprises through the difficult times at this stage? In the wake of the fact that the textile export tax rebate has been realized, he believes that preferential tax policies for small and medium enterprises are also expected to be launched one after another.
He also indicated that there were many indications that although macroeconomic regulation continued to exist, local loosening had already emerged. It is believed that in the first half of next year, money will be loosened than before, and enterprises will continue to seek development in a relatively relaxed environment. The government's conscious control over the appreciation of the renminbi will also have a positive impact on some export oriented enterprises.
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