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Tax rebates go up on some exports

CHINA will increase the tax rebate rates on some textile, iron and steel, nonferrous metal, petrochemical, electronics and light industrial exports starting on Wednesday.

The decision was made yesterday at an executive meeting of the State Council. The Cabinet agreed that it was necessary to raise tax rebates on some export products to fully implement the country's economic stimulus package and the support plans for 10 industries.

The exact amounts of the rebate were not revealed by the State Council.

China has raised the export tax rebate rate for textiles four times since last August. It was increased previously in February from 14 percent to 15 percent.

China's exports plummeted 25.7 percent year-on-year in February, the worst decline in more than a decade, as global demand deteriorated amid the deepening recession.


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