China continues to increase tax rebate on more than 600 items

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[2009-06-08] Last increasing at 1st April. On monday, (8th June). China raised tax incentives on more than 600 export items, with some up to the maximum level possible (17%), as the efforts to help businesses ride out the global economic slowdown.

From June 1 2009, The exporting tax rebates on shoes, toys and furniture etc have been increased to between five and 17 percent. The finance ministry said in a statement posted on its website.

Some products like machinery, sewing machines, air conditioners have been given the full tax rebate of 17 percent, while rebates on items like juice, furniture (including shop shelving,gondla shelving,checkout counter,display rack etc ) and toys have been raised to 15 percent (which increased 2% from last rate).

The new tax rebate allows Chinese exporters to get back part or all of the money they have paid in value-added tax, which stands at up to 17 percent, for items that have gone into the production of export goods.

Before the latest increasing, China's average export tax rebate rate stood at 12.4 percent, up from 9.8 percent after six increasing since last year.

China's export machine -- a main growth driver over the past three decades -- was battered late last year as the financial crisis hurt overseas demand, causing thousands of plants to close and leaving millions jobless.

In April, exports fell 22.6 percent to 91.9 billion dollars from a year earlier in the sixth straight monthly decline, according to official data.

What's the benefit for shopfitting industry? Such as gondola shelvings, checkout counter etc export rebate rate raised around 2% from 1st June. and shopping trolley also have a increased rate 1%, It's good news on one hand, But on the other hand, the steel prices going increasing sharply. So the tax rebate increasing at this time can not give China exporters more happyness.

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