After two successive executive meetings of the State Council focused on stabilizing foreign trade in late September, the executive meeting of the State Council held on October 8, decided that from November 1, 2018, in accordance with the principle of structural adjustment and with reference to international practices, Raise the current tax rebate on exports of goods from 15 percent to 16 percent to 10 percent, some to 13 percent to 6 percent, and some to 10 percent. The refund rate was reduced from the original seven to five.
The focus of the meeting is to improve the export tax rebate policy to speed up the progress of tax rebate, improve the efficiency of tax rebate audit, and optimize the tax rebate service. The meeting made it clear that the average time for processing tax rebates will be reduced to 10 working days from the current 13 working days by the end of this year.
Professor Chuang Rui, vice president of Institute of International Economy, made an important point of view of the conference. Professor Zhuang believes that this is conducive to deepening supply-side structural reform, helping to optimize the structure of Chinese enterprises, and promoting transformation and upgrading. Better from quantitative growth to qualitative development.
Original link : http://www.xinhuanet.com/fortune/2018-10/08/c_1123530601.htm
