The Ministry of Finance (MOF) will reduce the frequency with which it releases new policies to further adjust export tax rebate, in an effort to maintain a stable policy framework on foreign trade, said a principal from the MOF's tariff policy department, the Shanghai Securities News reported today.
Since the beginning of this year, a slew of policies, such as the integration of income tax rates for domestic and foreign-funded enterprises, strengthening macro management of the realty market, and new policies on tariff rebate and processing trade, have been launched to encourage Chinese enterprises to improve competitiveness, upgrade export structure, and curb the trade surplus.
In particular, tax rebates for more than 2,800 export items were either eliminated or reduced on July 1, impacting a lot of export-oriented processing enterprises in economic development zones.
The frequent export tax rebate adjustment went against a stable policy framework. As a consequence, there will be only a few minor modifications to national policies in future, said the source.
