China Increases Export Tax Rebate For Hi Tech Products
The Chinese State Administration of Taxation has announced an increase in export
tax rebates for domestically-manufactured products catering for the information
technology sector.
According to the government announcement earlier this week, the tax rebate
will rise to 17% from 13% and will benefit makers of integrated circuits, liquid
crystal displays and mobile telephone base stations, among other products. The measure, which will in theory make Chinese goods cheaper on the world’s
markets, is likely to arouse a degree of concern from China’s trading
partners who already fear a flood of cheap products into the market place. The move comes soon after China began to scale back its export rebate programme
for locally manufactured goods, and the government's enforced phasing out of
a similar tax rebate system for domestic sales of semiconductors after complaints
from the US at the World Trade Organization remains fresh in the memory. The increase in the tax rebate will be retroactively applied from 1st November,
2004. .
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