Beginning November 1, China will expand and optimize export tax rebates to lower costs for businesses and encourage trade the State Council recently decided, according to an article from China Briefing.
According to the State Council’s announcement, export tax rebates will be increased to 16 percent for goods that currently enjoy a 15 percent rate, as well as for certain ones that currently hold a 13 percent rate. Goods that presently have a nine percent rate will be raised to either 10 or 13 percent, and goods at the five percent rate will be lifted to either six or 10 percent.
In addition to lifting export tax rebate rates, the State Council said that the system for managing and applying for rebates will be simplified. There will now be five different rebate brackets instead of seven, and the government aims for the average handling time for applications to be reduced from 13 working days to 10.
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