Skr! China To Increase Export Rebate Rates On 397 Products Today
In order to improve the Policy of Export Tax Rebate, China’s Ministry of Finance and China’s Tax Bureau decided to increase the VAT Export Tax Rebate for the products of Mechanical and Electrical, culture and other products from September 15, 2018.
Products and adjusted tax rebates
On Friday, China’s finance ministry said that effective Sept. 15, Tax Rebate Rates for light-emitting diodes (LEDs), lithium batteries, multi-component semiconductors, machinery products, books and newspapers will be increased to 16 percent.
For some other products, the rebate will be increased but not to 16 percent. According to the statement, China will increase rebates for stainless steel products to 9 percent and steel pipes to 13 percent.
Rates for chemicals are also being increased, the statement said.
Exceeded analysts’ expectations
China’s export growth has exceeded analysts’ expectations for the past five months, with some analysts believing Chinese exporters are rushing out shipments to beat fresh U.S. tariffs.
The ministry, in a statement on its website, did not say what the current rebate levels are on those products. China assesses a 16 percent value-added tax on some exports, so a rebate of 16 percent will mean exporters get back the full amount paid.