Written in China for China Professionals by China Professionals
Oct. 13 – Beginning today, the Ministry of Commerce will be imposing an anti-dumping tax on certain imported polyamide-6,6 chips coming from the United States, Italy, Britain, Taiwan and France.
Polyamide-6,6 chips is imported to China for manufacturing plastics and textiles. Xinhua reports that the anti-dumping tax will be applicable for five years with a maximum tax rate of 37.5 percent.
Mar. 30 – Beginning April 1, tax rebate rates on selected textile, iron and steel, nonferrous metal, petrochemical, electronic information and light industrial exports will be raised.
The amount of the tax rebate rate is still unavailable; pending confirmation from the State Council. The move should help make the economic stimulus plan more effective while also supporting plans for ten industries.
Since last August, the export tax rebate rate for textiles has been changed four times; the latest one was in February when it went from 14 to 15 percent.
Feb. 5 – China will increase the tax rebate rate for textile and garment exports to 15 percent from the previous from 14 percent in an effort to support the textile industry and help exporters reduce costs.
The State Council did not specify when the new tax rebate rate will be applied. This is the third time since last August that export tax rebate rate were raised.
The government has also decided that it would provide funding technology upgrades for companies producing textiles or fibers, or operating in the textile printing and dyeing sector.
The central government has instructed local departments to provide financial support and insurance services to small and medium-sized textile plants.
Dec. 19 – The Ministry of Finance said it would decrease import tariff rates on selected products and increase export tariffs for high energy-consuming and pollution-producing sectors by next year.
The new rates should help China lower its trade surplus and help domestic companies decreased costs. The reduced import tariff rates affect more than 670 items including energy-related products such as coal, fuel oil, and stone materials, raw materials, hi-tech products, machinery parts and household appliances.
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.
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.
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. Read the rest of this entry »
Dezan Shira & Associates provide a range of services for companies looking to undertake foreign direct investment into Asia, These include corporate establishment, accounting, tax, payroll, audit and due diligence. To learn more about the firm,
please contact one of our specialists at china@dezshira.com, download our corporate brochure or visit at us www.dezshira.com
ENG
ES
DE
IT
FR
