China raises export tax rebate

China raises export tax rebate

China will increase export tax rebates on almost 1,500 products from March 20, the finance ministry said as the government looks to ease the pressure on companies hit hard by the coronavirus outbreak, reported Reuters.

The Ministry of Finance said 1,084 products, including porcelain sanitary ware, would have the rebate raised to 13 per cent, while another 380 products will see the rebate rise to nine per cent. It did not specify the previous rebate rates.

In China, the world’s biggest exporter according to the World Trade Organisation, companies can apply for a rebate, or refund of the value-added tax (VAT) and consumption tax on eligible products destined for overseas markets.

Among the other products now entitled to a 13 per cent export tax rebate are chemicals ethylene, propylene and ethylene glycol, as well as stainless steel strip and wire.

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