News & Policies
New export tax rebates in China
On March 17, the Ministry of Finance and the State Administration of Taxation announced that from March 20, 2020, the export tax rebate rate of 1,084 products such as porcelain sanitary appliances will be increased to 13%; the export tax rebate rate of 380 products such as plant growth regulators will be increased. To 9%. Analysts believe that the increase in the export tax rebate rate involves pesticides, chemicals and stainless steel, and has a wide range of products. By increasing the export tax rebate rate, the operating costs of foreign trade enterprises can be reduced, the cash flow pressure of the enterprises can be relieved, and the stability of foreign trade can be promoted.
From the list, a number of agrochemical products has been increased for export tax rebates.
From the specific product list, there are 777 chemical products, accounting for 53%. Among them, the export tax rebate rate of 13% includes 754 items such as disinfectants, ethylene, and propylene; the export tax rebate rate of 9% includes 23 types, which are basically pesticide products.
"This adjustment involves a lot of pesticides and related products, including 214 pesticide import and export commodity codes (10-digit codes); 370 pesticide original drugs involved in supervision, involving pesticides, fungicides, herbicides, and plant growth regulation. Pesticides, rodenticides, and other pesticide formulations. ”According to industry analysts, China is a major pesticide producer and exporter in the world. In 2018, it exported to more than 170 countries worldwide, with an export value of 8.073 billion US dollars, of which the export value of formulations was 3.527 billion US dollars, accounting for 43.7%. The export tax rebate rate for pesticide formulations will be increased to 9%, which will further enhance the international competitiveness of China’s pesticide formulations export.
In addition, the increase of the export tax rebate rate of 122 steel and its products to 13% will help the export enterprises increasing the enthusiasm on foreign trade.