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New Tax Rebate Policy
Nov 26, 2018

According to an announcement on the website of the ministry of finance on October 25, the export rebate rate for 1,172 products will be raised from November 1. This is the second time since September that the ministry of finance has made a large-scale adjustment to the export tax rebate rate in the form of documents. Among them, the tax rebate policy of the iron and steel manufacturing industry was changed from the tax policy, the drawback of the cusyoms tax from 13% to 16%. Meanwhile China government reduce the VAT( Value added tax) from 17% to 16%.

  Not only that, the country also introduced more favorable foreign trade policies:

1. Co (cepa) can be applied for in a single window.

In this way, "one-point access, one-time submission, one-time inspection, one-key tracking and one-key handling" are realized, which effectively reduces the cost of customs clearance, shortens the customs clearance time and reduces the burden of enterprises, and is warmly welcomed by enterprises.

2. Take 20 measures to ensure steady growth of foreign trade.

"Document reduction, time limitation and cost reduction" will be reduced to 48 kinds of regulatory documents that must be checked in the import and export links before November 1, 2018. By the end of the year, compliance costs of a single container import and export link will be reduced by more than us $100 compared with 2017.

3. No one-size-fits-all approach to environmental protection.

Industrial enterprises implement differentiated peak production, and some environmental protection benchmarks do not even limit production.


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