Textile export tax rebate “red envelope” boosts business confidence in Ningbo

Reporters learned yesterday from the Haishu District State Taxation Bureau that this year’s increase in export tax rebates for textiles and apparel has brought benefits to related companies. Based on the export tax rebate amount of 340 textile and garment export enterprises in Haishu District of 1.17 billion yuan in 2014, after the implementation of the new tax refund rate, the total tax refund (exemption) will increase to 1.24 billion yuan, an additional refund of more than 70 million yuan, an increase of 6 %.
Starting from January 1 this year, the Ministry of Finance and the State Administration of Taxation have increased the tax refund rates for some export products. Among them, the tax rebate rate for textiles and clothing has been increased from the original 16% to 17%, achieving a full tax refund. This is another increase since the tax rebate rate for textiles and clothing was raised to 16% on April 1, 2009. “The implementation of this policy has created good conditions for textile and clothing export enterprises to continue to digest excess production capacity, carry out moderate industrial transfers smoothly, and strive to achieve transformation and upgrading.” The relevant person in charge of the Haishu District State Taxation Bureau told reporters that textiles and clothing are important exports in Haishu District. Commodity is also a traditional advantageous industry in Haishu District. This tax rate increase has played a certain role in enhancing corporate confidence and easing the pressure on capital turnover.