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