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China Gives More Tax Rebates to Exporters
China gave 71 billion yuan in tax rebates, in the first nine months of this year, to firms exporting their products abroad, 94.6 percent more than the same period last year.
According to the State Administration of Taxation (SAT), the increase in rebates was due to higher tax rebate rates on exported goods.
In order to reverse the deflation, the government has raised tax rebate rates three times since last year in order to stimulate exports and overseas demand.
Since the end of last year, tax rebates have also been given to exports of hi-tech products.
The volume of imports and exports totaled 345.4 billion U.S. dollars over the first nine months of the year, an increase of 35.7 percent over the same period last year. Foreign trade volume is expected to exceed 400 billion U.S. dollars by the end of the year.
In return, the foreign trade volume has boosted the country's tax revenue. During January to September, a total of 105.8 billion yuan of taxes had been collected on exports, 42.6 percent more than the same period last year.
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