The Ministry of Finance’s reduction of textile and clothing export tax rebates caused controversy
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The Ministry of Finance’s reduction in tax rebates for textile and clothing exports caused controversy
Textile Network 2011-04-14
News on April 14: Adjusting product export tax rebates to accelerate the integration of the “two high-energy and one capital” industries is a method that China has been taking in energy conservation and emission reduction in recent years. The industry said that enterprises have already had psychological hints about the reduction of export tax rebates for “two high-end and one capital” products.
The Ministry of Finance will adjust the export tax rebate rate for some non-ferrous products in the near future, focusing on lead, zinc, aluminum and other related products with high energy consumption and chaotic and fragmented industries.
In addition to non-ferrous metals, the controversy over whether the export tax rebate rate for commodities represented by textiles and clothing should be reduced has also become increasingly fierce with the export tax rebate node in early July.
There are two main aspects of the current controversy over textile tax:
First, after the Spring Festival, it was proposed to reduce the export tax rebate for the entire textile item by 5 points, but the relevant departments pointed out that the reduction of 5 points would have a great impact on enterprises;
The second is to cancel the tariff on imported cotton (currently 1% for goods up to 890,000 tons and 4% for goods above 900,000 tons) under the current background of high cotton prices.
Sources from the Ministry of Commerce said that the reduction of textile export tax rebates will come sooner or later, but after research, the commerce department believes that this year is not the right time. Due to the rare quarterly deficit in the first quarter of this year, the reduction is expected to be temporarily shelved.
As for the removal of tariffs on imported cotton, since the current price of foreign cotton to the factory is already very high, about 8,000 yuan per ton higher than that of domestic cotton, even if the tariffs are removed, the reduction will only be 300-400 yuan per ton. This will not have a big impact on enterprises, so the possibility of abolishing foreign cotton tariffs becomes smaller.
However, regarding export tax rebates, the above-mentioned people said that given that the textile export situation last year was very good and my country’s export products have generally emerged from the shadow of the financial crisis, it is expected that the reduction of textile export tax rebates will be reflected in the next wave.
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