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Export Tax Rebates Increase by 10.15%
【Fonts: Large Medium Small 【Source: Wenzhou China 【Date: 2014.06.12】

On June 11, reporters learnt from the Wenzhou Municipal Office of the State Administration of Taxation (WMOSAT) that the export tax rebates (exemption) totaled 8.093 billion yuan in January-May, up 10.15% compared to the same period of the previous year. Increase in the export tax rebates will further ease the competitive pressure on the city’s foreign trade enterprises.

It is understood that the city's export tax rebate (exemption) target in this year is 16 billion yuan. Hence, more than half of the annual target amount has been handled in January-May. Most of the 80 billion yuan export tax rebates (exemption) were granted to the electromechanical products, footwear, apparel, textile fabrics, glasses and other traditional industries. Since the beginning of this year, to accelerate the cash turnover speed of foreign trade enterprises, WMOSAT launched the “Ten-day Tax Rebate Regime”, allowing enterprises to apply for export tax rebates every 10 days in each month. So far, the new regime has achieved good results. At the same time, based on foreign trade business and credit conditions, WMOSAT and the local tax authorities jointly opened up a “Green Channel” for administrative examination and approval to designate 29 qualified foreign trade enterprises as “Tax Credit Rating A-class Enterprise” including 25 enterprises as “Export Tax Rebate Credit Rating A-class Enterprise”. The reporting procedures of applicant enterprises are thus considerably simplified to improve the examination and approval efficiency, so as to achieve the purpose of accelerating fund flow of foreign trade enterprises.

 In addition, due to the overall economic environment at home and abroad, more companies have been unable to timely prepare documents for tax rebate (exemption) application in this year. In accordance with relevant provisions of State Administration of Taxation, WMOSAT allows the export tax rebate (exemption) application extension in seven categories of special situations including the loss of application documents in mail. As of now, 111 exporters in Wenzhou have been granted the grace period for tax rebate application, involving exports of USD 28.53 million and tax refunds of nearly 24.9 million yuan.

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