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At the beginning of this week, the Ministry of Finance confirmed that China will increase export tax rebates on almost 1,500 products from March 20th, as the government looks to ease the pressure on companies hit hard by the coronavirus outbreak.
As many as 1,084 products, including porcelain sanitary ware, will have the rebate raised to 13%, while another 380 products will see the rebate rise to 9%.
Among the other products now entitled to a 13% export tax rebate are chemicals ethylene, propylene and ethylene glycol, as well as stainless steel strip and wire.
This is yet another incentive from the government to help boost the economy of the country.
In China, the world's biggest exporter according to the World Trade Organization, as opposed to in other countries where there is no application of VAT when exporting, companies can apply for a rebate, or refund of the value-added tax (VAT) and consumption tax on eligible products destined for overseas markets.
The rebates may cushion some of the impact from reduced trade in the wake of the virus outbreak, which saw China's industrial output contract at its sharpest pace in 30 years in the first two months of 2020, as factories remained closed long after the extended Lunar New Year holiday.
There have indeed been endless efforts from the government, both to put an end to the health emergency, as well as to put business back on its feet. A great improvement can already be experienced in daily life in China. The situation however is still pretty dire in many other countries of the world. We can only hope that a solution can quickly be reached on a global scale, for everyone to get back to their normal lives.
Meanwhile, if you wish to know more about how to handle export VAT refunds, and whether your products can be eligible for a higher refund, get in touch with us, as we would be more than glad to assist you.
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