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Chinese Government Expected to Increase VAT Rebate on Textiles
Source: globecotnews Date: 2008-06-13
It is anticipated the Chinese government will soon make an official announcement that the export tax rebate on textiles has been increased from the current 11 percent to 13 percent, while the tax rebate on apparel will change from 11 percent to 15 percent. This is welcome news to the sector. The increased rebate will boost the profitability of exports, especially to Europe where the yuan appreciation is not a major factor. January through April textile and apparel exports to Europe soared 35 percent to 14.115 billion U.S. dollars or 26.5 percent of all exports.
