Textile And Garment Export Tax Rebate Rate Or Up To 17%
The executive meeting of the State Council, which was held recently, clearly stated that it would continue to raise the export tax rebate rate of textiles, clothing and some light industrial products. It is widely believed that the export tax rebate rate for textile and garment is up to 17% this time.
"Textile and garment export tax rebate rate increase is in line with market expectations." The latest report released by the Ministry said that the export tax rebate rate of textile and garment was fully explained by the government's concerns about the deterioration of the export situation and the support for traditional labor-intensive industries.
Textile resources network CEO Pan Yonghuan yesterday said that due to the recent rapid decline in textile export growth, the export tax rebate rate policy for textile and clothing will be launched soon. It is likely to start next month and will be put into effect at the latest in 2009. This will slow down the trend of further increase in textile exports. If this policy is promulgated in the year, it will become the third time this year for China to raise export tax rebates for textile and clothing. In July 31st this year, China raised the export rebate rate from 11% to 13%, and then raised to 14% in October 21st. If the increase is 3 percentage points, it will be the single biggest increase in history. The export tax rebate rate of textile industry will also reach the highest level in history.
According to the reckoning, it is assumed that the export tax rebate rate increase policy was introduced in December. The export volume of textile and clothing in December is estimated to be 17 billion dollars, and the annual export volume is expected to be US $185 billion 800 million. In 2009, the export volume is expected to be US $176 billion 500 million, down 5% from the same period last year. If the export rebate rate is increased by 3 percentage points, the textile and garment industry will increase net profit by 1 billion 965 million yuan and 20 billion 400 million yuan respectively in 2009 and 2009.
Li Jun, editor in chief of the textile resource network, an industry analyst, said that the increase in export tax rebates is not obvious in changing the operation of enterprises, and will not change the downward trend in the growth of the industry's efficiency. However, after the tax rebate has been continuously raised and reached the highest point in history, the survival pressure of textile enterprises has been greatly reduced. "As a result of the national tax rebate subsidy, the export quotations of textile and clothing will be greatly reduced, to a large extent offset the pressure of RMB appreciation, and the competitiveness of China's textile and clothing will be greatly improved." He said.
Pan Yonghuan believes that the three value-added tax reform and export tax rebate raised the textile and garment enterprises directly tax concessions, cash flow is more abundant, the textile industry fundamentals have undergone major changes. Coupled with other financial policies to support and support the financing of the textile industry, the textile industry is expected to enter a faster growth path with a higher starting point. In addition to the decision to continue to increase the export tax rebate rate for textiles and clothing, the Executive Council of the State Council also decided to clean up and cancel all unreasonable charges involved in light textile enterprises, and suspend the "real turn" policy for the margin of textile processing trade.
According to the reckoning, the "margin" of processing trade margin accounts for the improvement of the capital chain of processing trade enterprises. The preliminary calculation shows that this policy will release nearly 10 billion yuan of liquidity of processing trade enterprises.
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