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China to End Tax Rebates

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China to End Tax Rebates

by CFO Innovation Staff, 24 June 2010
topics:
Accounting and Regulations Taxes
tags:
exports Ministry of Finance and State Administration of Taxation tax rebates
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China's Ministry of Finance and State Administration of Taxation has announced that tax rebates on 406 products would end starting July 15, says the South China Morning Post.

 

Introduced in September 2008, the export rebates of 5% to 17% were meant to help the export industry during the economic crisis.

 

The Post notes that the rebates will no longer apply to exported products such as  steel, semi-finished nonferrous metal, silver powder, ethanol, corn starch, pesticides, pharmaceuticals, chemicals, plastics, rubber and glass.

 

The move, however, could put pressure on exporters after Beijing announced it will allow the yuan to appreciate.

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Beijing to end export rebates on 406 items
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CFO Innovation Staff
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