Home >

The State Council Held A Meeting To Further Lighten The Tax Burden Of Garment Enterprises

2008/11/20 11:56:00 20

??? 日本語 Fran?ais English 中文

The State Council held a executive meeting to discuss and identify 6 policies and measures to promote the healthy development of the textile industry, including further reducing the tax burden on enterprises, and raising the export tax rebate rate for textiles, clothing and some light industrial products.

This reporter learned that textile and garment products export tax rebate rate up to 17% has been approved at the meeting.

This is the fourth large-scale export tax rebate rate raised in China in the second half of this year. The executive session of the State Council from the last time that the export tax rebate rate of some commodities was raised was only one week past.

Apart from deciding to continue to raise the export tax rebate rate of textiles, clothing and some light industrial products, and clean up and cancel all unreasonable charges involved in light textile enterprises, the meeting also decided to suspend the "real pfer" policy of margin trading for light textile processing trade, and make full use of the central foreign trade development fund to support light textile enterprises to carry out marketing, research and development and mergers and acquisitions.

In July 31st this year, China raised the export rebate rate from 11% to 13%, and then raised to 14% in October 21st.

With this adjustment, the export tax rebate rate of textile industry has reached the highest level in history.

Previous studies have suggested that a percentage point change in the export rebate rate of the textile industry will affect the profit of 4 billion yuan in the industry.

At the same time, according to the industry statistics, processing trade ledger margin "real pfer" occupy the textile industry liquidity is also as high as 8 billion yuan per year.

Customs data showed that textile and clothing exports were 153 billion 710 million US dollars in the first 10 months of this year, an increase of 8.6% over the same period last year, a decrease of 12 percentage points compared with the increase in the same period last year.

The meeting also identified other measures to promote the textile industry, including the promotion of "home appliances to the countryside" in the whole country, financial subsidies for farmers to purchase household appliances, increased support for the earthquake stricken areas and minority areas in the border areas, stimulating consumption and production, increasing the scale of financial support for small and medium-sized enterprises at all levels, and supporting light textile projects with good market prospects, obvious employment and remarkable economic and social benefits, and increasing investment in the credit guarantee system and service system.