China increases tax rebate rate for certain products

In order to provide a relief to the export-orienteted companies, greatly affected by the COVID-19 outbreak during the previous months, the Ministry of Finance and State Administration of Taxation jointly issued the Announcement (2020) No. 15 on “Increasing the export tax rebate rate for some products”.

According to the Announcement, the export tax rebate rate, which is basically the refund of the VAT that export-oriented companies can obtain, will be increased to 13% for 1,084 items and to 9% for 380 products, starting from March 20, 2020.

Products that are benefiting from the new policy include:

• food products as meat, fish, crustaceans and molluscs

• petrochemical products

• porcelain products

The full list of items is available here.