China Extends Export Tax Rebate Scheme
It has been announced that, from September 1, there will be an extension to China's export tax rebate pilot program, so as to encourage exports through Shanghai's Yangshan Free Trade Port, and as part of an effort to bolster the country's flagging foreign trade sector.
In a joint statement issued by China's Ministry of Finance, State Administration of Taxation and General Administration of Customs, it was confirmed that the pilot program will be extended to eight ports – in the cities of Nanjing, Suzhou, Lianyungang, Wuhu, Jiujiang, Yueyang, Qingdao and Wuhan – feeding containers with customs clearance into Yangshan, from which they must also depart from China.
Previously, only the last two feeder ports were included in the program, while the others had to wait for tax refunds until after the goods exported had left Shanghai.
Taxes will now be refunded directly at those feeder ports to exporting businesses with good taxpaying records and without any previous smuggling or regulation infringements within the last three years. The carriers of the containers must also be equipped with navigation, position and surveillance devices that will enable the customs authorities to monitor their progress.
Export tax rebates refer to the refunds of indirect taxes paid by exporting businesses in the production and distribution of goods and services, including value-added, business and consumption taxes.
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