China is to increase the export tax rebate on locally-made integrated circuits, a government official told Dow Jones Newswires last week.
According to the official at the National Development and Reform Commission, the decision has been taken to increase the export tax rebate to 17% from 13%, although the source gave no indication as to when the measure will become effective.
The revelation comes as China, after international pressure, particularly from the United States, prepares to abolish a VAT rebate paid to makers of semiconductor products for the domestic market.
China’s export tax rebate scheme was introduced in 1999 to help domestic products compete more effectively with regional competitors in the aftermath of the Asian financial crisis. The rate for IC products was previously 17%, but was reduced after complaints from trading partners. China nonetheless claims that the rebate is consistent with WTO rules.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment