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TAX NEWS - June 2010

China Tax:  China to lower tax rebate rates for certain export goods

China will adjust its export tax rebate policy again in 2010, said Ministry of Commerce spokesperson Yao Jian at a press conference on June 12.

"In order to cut energy consumption per unit of GDP by 20 percent by the end of the '11th Five-Year Plan' period, China will lower the tax refunds on certain export goods this year," Yao explained.

But Yao also stressed that the reduction of tax rebates does not mean the tightening of China's foreign trade policy because a stable trade policy has always been the country's first priority.

China's export volume has declined sharply since the global financial crisis broke out in November 2008. While taking a package of measures to stimulate domestic demand, the country has substantially raised the formerly-reduced tax rebate rates seven times in hopes of stabilizing export markets. As a result, China's exports bottomed out and started to recover step by step.

In addition, there were rumors that China would adjust the tax rebate policy for its steel industry.
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