As we all know, US - China ( trade ) friction has been escalating since this year, and the global economy still faces many uncertainties, but China's determination and confidence to open up to the outside world have never wavered.
Since September this year, after the Ministry of State ( Finance ) and the State Administration of Taxation ( State Administration of Taxation ) issued relevant notices, the State Administration of Taxation ( State Administration of Taxation ) has again stepped up its efforts to determine measures to improve the export tax rebate policy and speed up the tax rebate process so as to reduce the burden on enterprises and maintain steady growth of foreign trade.
On November 1, China's export tax refund rate will be raised
From November 1, 2018, China will increase the export tax rebate rate. Specifically:
At present, the export tax rebate rate will be raised to 16 % for goods with a 15 % tax rebate rate and some goods with a 13 % tax rebate rate.
At present, the export tax rebate rate of 9 % has been raised to 10 % and some to 13 %.
At present, the export tax rebate rate of 5 % has been raised to 6 % and some to 10 %.
The export tax rebate rates for high energy consumption, high pollution and resources will remain unchanged.
At the same time, the export tax refund system will be simplified, the tax refund rate will be reduced from the original 7 to 5, tax refund processing will be expedited, and the processing time of tax refund will be reduced from the current average of 13 working days to 10 working days.
It is worth noting that this is the second increase this year.
Then, the question arises. Why did China raise the export tax rebate rate twice within a year?
In response, officials said that the implementation of export tax rebates conforms to the rules of the World Trade Organization. Further improving the export tax rebate policy and speeding up the progress of export tax rebate will help deepen the structural reform on the supply side, promote the real economy to reduce costs, and also help to cope with the current complex international situation and maintain the steady growth of foreign trade.
Bai Ming, deputy director of the International Market Research Institute of the Ministry of Commerce and Industry, said that speeding up export tax rebates would help ease the huge external pressure on foreign trade enterprises.
He said that the nature of export tax rebates is completely different from subsidies, which are not conducive to fair competition in the market, and export tax rebates are to avoid double taxation, which is the requirement of fair competition. Compared with the countervailing duties levied on some products, China can completely lighten the burden of foreign trade enterprises through export tax rebates.
" In order to ensure fair competition, many countries export with zero ( customs ) tax. If the tax is not refunded, enterprises will lose their competitiveness and form unfair competition if they levy taxes once in China and again in other countries. Therefore, it is necessary to improve the export tax refund policy.
