On July 31st, the Ministry of Finance and the State Taxation Administration adjusted the export rebate rates of some commodities including textiles and garments. The export rebate rate of some textiles and garments increased from 11% to 13%; the export rebate rate of some bamboo products increased to 11%; while the export rebates of red pine nuts, some farm chemicals, some organic arsenic products, paclitaxel and its products, colophony, silver, No.0 Zn, some coating products, some battery products and carbon anodes werecancelled. This adjustment of export rebate rates will be implemented from August 1, 2008.
Jiaxing is a big city for export of textiles and garments. The promotion of this policy is no doubt a piece of good news for export enterprises of textiles and garments. According to initial statistics, in the first half of the year, the export amount of products involving the rebate rate increase across the whole city reaches up to 1.2 billion USD, accounting for 18% in the total export volume and over 700 enterprises have benefited from the policy.
Source: Jiaxing Foreign Trade & Economic Cooperation Bureau
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