| Confirmation from the relevant authority of the | | | | further down, we can hardly maintain its." |
| department, involving light industry, textile, metallurgy, | | | | Will eliminate a number of textile enterprises |
| steel, machinery and other industries will soon export | | | | Reporter learned that many textile enterprises |
| tax rebate policy adjustment. State Administration of | | | | in Guangzhou for export tax rebate adjustment |
| Taxation Management Division of the import and | | | | policy choice at this time wondering: "RMB has |
| export taxes are recognized, the State Development | | | | appreciated by almost 3%, textile industry has been |
| and Reform Commission, Ministry of Finance and | | | | very difficult, why further downwards?" |
| other departments do is look into the matter, but | | | | Well-known experts in the textile industry, the |
| not currently receiving any of the State Council | | | | World Fan Min, president of the Victoria Group, |
| issued a formal document. | | | | estimated that "government may be to cut the |
| Textile tax rebates "cried bitter" | | | | export tax rebate rate by the textile industry to |
| "Shut down 2%, 1%, we can not afford." For | | | | promote industrial upgrading and structural |
| the recent export tax rebate will be reduced 2% of | | | | adjustment." |
| the news, Guangzhou, a large textile enterprise | | | | Fan Min, said growth this year, labor costs, raw |
| leaders said Mr. Chung was very anxious. | | | | materials price index rose a stronger yuan, high oil |
| According to sources, the export tax rebate | | | | prices, the cost of operation and quotas, etc., so that |
| rate adjustment will involve light industry, textile, | | | | exports of textile enterprises profit margins |
| metallurgy, steel, machinery and other industries, is | | | | drastically reduced. "At present, China's textile |
| expected to export tax rebate rate will be lowered | | | | industry must enter a restructuring, industrial |
| by two percentage points. In addition, various | | | | upgrading of the times, the excess capacity to digest |
| industries have different rate adjustment, were | | | | the situation, out of some businesses." In his view, |
| mixed. For example, the textile industry, different | | | | the State hopes to adjust export tax rebate is to |
| products will have different tariff adjustment, the | | | | promote the healthy development of the industry. |
| current state is seeking the views of all parties. | | | | According to public information, the evolution |
| "On this issue, Development and Reform | | | | of China's export tax rebate rate several times: in |
| Commission, Ministry of Finance and other | | | | 1999 to get rid of the negative impact of the Asian |
| government departments do is study." State | | | | financial crisis, the state will average export rebate |
| Administration of Taxation Export Tax Management | | | | from 6% to 15%; October 13, 2003, the State |
| Department spokesman told reporters that the | | | | Council issued the Current resolution of the export |
| export tax rebate policy adjustment, the relevant | | | | tax rebate mechanism to cut export tax rebate rate |
| departments will certainly seek trade associations | | | | of 3 percentage points. |
| view, companies can also reflect the views of the | | | | In response, Chung said, "2003 national |
| Association. | | | | implementation of the new export tax rebate |
| However, China Textile Import and Export | | | | mechanism to cut export tax rebate rate of 3 |
| Chamber of Commerce has said Cao Xinyu, vice | | | | percentage points, tax rebates for textile products |
| president of, has not yet received an official | | | | from the original 17% to 13% now." |
| document of the higher authorities. "According to the | | | | On export tax rebates |
| export tax rebate policy adjustment last practice | | | | National or regional export tax rebates on |
| before the departments concerned to hear industry | | | | exports of goods have been customs departure, |
| views on the organization, will convene to seek such | | | | pre-export production and circulation in the joints |
| advice, but Chamber of Commerce, this practice has | | | | already paid VAT or consumption tax and other |
| not started." | | | | domestic indirect taxes, returned to the exporters a |
| Guangzhou, a large textile business executives | | | | tax system. The main profit of some foreign |
| described the Chung interview yesterday, down 2 | | | | companies and even the Government's annual rebate |
| percent export tax rebates for textile industry is | | | | from the tax. This is also a means of government to |
| "worse." He told reporters that the textile industry's | | | | encourage exports by making exports to non-tax |
| gross margin is now about 3% to 4%, but excluding | | | | prices in the international market to avoid double |
| various charges, net income is less than 1%. "If the | | | | taxation on cross-border movement of goods, |
| government lowered the export tax rebate go | | | | thereby enhancing competitiveness. |