Tax refunds to go up in 4th rebate
China plans to raise tax refunds for some high-tech and machinery products in its fourth rebate move this year to help struggling exporters and try to sustain growth amid an economic slowdown.
The latest tax change will involve 553 products, the Ministry of Finance announced on its Website yesterday. The government unveiled the plan earlier, and details were given in yesterday’s announcement.
As of January 1, the rebates for aircraft navigation systems and industrial-use robots will increase to 17 percent from 13 percent and 14 percent respectively, the ministry statement said. Exporters of motorcycles and sewing machines will get a 14-percent rebate, from 11 percent and 13 percent respectively, it said.
“This is another key measure to implement a proactive fiscal policy for China in the face of a complicated and volatile domestic and international economic situation,” the ministry said. “That will help ease companies’ difficulties and boost their confidence to tame the global financial crisis.”
China has recently taken a series of policies to boost economic growth.
Tags: tax