Monday
Jan 05th
| Reduction of VAT Rebates |
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| Written by Administrator | |
| Thursday, 06 March 2008 | |
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The recent announcement on June 19 of the reduction and elimination of VAT rebates for certain export products will have a significant impact not only on China’s export of manufactured goods to the U.S. but also on the fundamental structure of the manufacturing sector in China. The following is a summary of the current status: VAT rebates will be reduced or eliminated for more than 2,800 export items or 37% of all export items. Such a change in policy will become effective July 1, 2007. Specifically, tax rebates on 553 “high energy-consuming” or resource intensive products such as cement, fertilizer, and non-ferrous metals will be eliminated; tax rebates on 2,268 “easy to trigger trade frictions” will be reduced from a range of 8 to 17% to a range of 5 to 11% on items such as garments, toys, and steel products. according to: forums.industryweek.com/showthread.php?t=1196 |
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| Last Updated ( Thursday, 06 March 2008 ) |
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