Nov. 21 - China has approved new tax cuts and rebates for the textile industry as part of government measures to support slowing exports.

Export tax rebates on textile products will be increased to 17 percent. The 21st Century Business Herald reported that the proposal to increase tax rebates was approved during the State Council’s latest executive meeting.

According to Customs figures, during the months of January to October, the country’s textile and garment exports came in at US$153.71 billion, up 8.6 percent compared to last year’s figures.

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Oct. 22 – China’s Ministry of Finance said tax rebates on selected export products will be raised beginning November 1; to ease pressure on businesses affected by slowing export demand.

This is the second time in three months that China has increased tax rebates for the export industry. Last August 1, tax rebates were increased by 2 percentage points to 13 percent.

The new tax rebate rates will range from between 9 percent and 13 percent and cover 3,486 types of products, or an estimated one-quarter of all exports listed by customs authorities.

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Aug. 1 - China increased the tax rebate on textiles and garments from 11 percent to 13 percent today.

The tax relief will help textile exporters who have been hurt by slumping demand, higher costs, and the RMB rising value

This increased tax rebate is expected to boost exports, most significantly for silk, chemical fiber, wool yarn, and cotton products, China Daily reported. (more…)