BIZCHINA / Impacts |
Textiles see declining profits due to adjusted tax rebateBy Du Liaoxi (chinadaily.com.cn)Updated: 2007-06-22 12:39 The government
will eliminate or cut tax rebates for more than 2,800 export items starting July
1, in the boldest move to rein in exports since it joined the World Trade
Organization in 2001. The affected items account for 37 percent of all export
products, the Ministry of Fi In the adjustment, tax rebate for garments is slashed to 11 percent from 13 percent. According to 2006 statistics, industrial profits will decline by 4.6 percent when tax rebates fall one percentage point, said Wang Yu, vice-chairman of the China Chamber of Commerce for Import and Export of Textiles. The textile
industry is a major contributor to (For more biz stories, please visit Industry Updates) |
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