China Handles 8 Mn Yuan Export Drawback This yearNews released by the National Taxation Working Conference held on December 18 shows that the Chinese tax system has handled export tax reimbursement of 8 million yuan, increasing by 27 percent over last year and giving a strong impetus to China's export trade.Jin Renqing, director of the State Bureau of Taxation, noted that China's current average export tax rebate rate has reached 15 percent and the total amount of export tax rebate handled by the national tax department during the "Ninth Five-year Plan" period will exceed 310 billion yuan. In order to meet the requirement set on tax polices as a result of China's entry into the WTO, China has worked out some new tax policies and regulations, so that domestic and foreign enterprises can act in accordance with the WTO regulations. Jin said that China will gradually unify the income tax on home and foreign enterprises next year. With regard to the effort to boost investment demand, stimulate personal consumption and support hi-tech industry development and State enterprise reform, the leverage role of macro-control on taxation will be given a better play. He pointed out that the regulatory tax alone, which concerns fixed assets investment orientation and has been suspended since the beginning of this year, had reduced 9 billion yuan worth of financial burden on investors. Besides, in order to expedite the development of the real estate sector, China has published preferential polices on business, contract and land value-add taxes related to the real estate sector. At the same time, preferential tax polices have been worked out for foreign investment in infrastructure and high-tech industries. The restoration of levying personal income tax on savings deposit interest had not only successfully reduced the growth rate of savings deposits, but also collected a total of 13.5 billion yuan tax by the end of November, the figure is expected to reach 15 billion yuan for the whole year. By PD Online staff member Deng Gang |
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