Part Of The Export Tax Rebate Raised Again

Since November 1st, China has appropriately raised the export tax rebate rate of some labor-intensive and high-tech goods with high added value, which is the second increase after the export rebate rate of some textile and garment products in August 1st this year.

The export rebate rate has been raised two times a year, which is the largest and most dynamic tariff adjustment policy in China since 2004. Especially for Shaoxing, a textile city, what does it mean?

According to the estimates of the Municipal Bureau of foreign trade and economic cooperation and the Municipal Taxation Bureau, the export tax rebate rate has been raised, involving 901 products and nearly 80% of the export enterprises in our city. About more than 3700 enterprises have benefited from it, of which more than 3400 are textile and garment export enterprises, 95% of the total number of textile and garment export enterprises in the city.

Textile export tax rebate increased by 1%

According to the spirit of the document, the export tax rebate rate adjustment mainly includes two aspects: first, the export tax rebate rate of labor intensive commodities such as textiles, clothing and toys should be appropriately raised; and the two is to raise the export tax rebate rate of high technology and high added value commodities such as anti AIDS drugs.

According to the calculation of RMB 3 to the US dollar 6.8288 yuan for the US dollar, it is estimated that in the first two months of this year, the total export tax rebates will be exported to US $2 billion 200 million, and export enterprises will expect a new tax rebate of about 180 million yuan, of which textile and garment enterprises are expected to add 170 million yuan to the tax rebate.

For this new deal, textile enterprises in Shaoxing quickly adjust their actions, and they try to export goods as far as possible after November 1st.

Earnings are either offset or taken away by foreign businessmen.

The most direct impact of this large-scale increase in the export tax rebate rate is to help enterprises establish confidence and increase their determination to "winter".

But this adjustment is lower than the industry's expectations. The chief executive of a clothing enterprise in Shaoxing County Lanting Pavilion believes that the increase in export tax rebate rate alone is not obvious for the garment enterprises, because the orders of the enterprises are mostly in the form of raw materials processing, and the enterprises do not obviously feel the benefits from the increase of the export tax rebate rate.

There are also textile and garment enterprises that, in August 1st, the state raised the export tax rebate rate by 2 percentage points, but only partially offset the pressure of RMB appreciation and rising costs. In November 1st, it increased by 1% again. Foreign dealers adjusted their prices according to the tax rebate rate, and lowered their quotations.