Improve Tax Rebates For Some Mechanical And Electrical Products

- Nov 08, 2018-

Improve the tax rebate for some mechanical and electrical products, stabilize the foreign trade new policy and throw out real money and silver

The State Council executive meeting recently held five policy measures to promote the stabilization of foreign trade. There are both real money and silver in finance and taxation, as well as a free trade zone innovation system.

Focus on supporting the import of advanced technology equipment

These specific policies include: encouraging financial institutions to lend to foreign trade enterprises with orders and benefits, expanding export credit insurance policy financing, increasing the scale of short-term export credit insurance, and increasing the export tax rebate rate for some mechanical and electrical products.

Improve the processing trade policy, cancel the examination and approval of processing trade business, and improve the post-event supervision mechanism. Implement policies to support the transfer of processing trade in the central and western regions. Encourage investment from the Midwest to the east, and transfer the land for processing trade in the eastern region to commercial, tourism, and pension.

We will expand cross-border e-commerce, market procurement and trade methods, and pilot foreign trade comprehensive service enterprises, support enterprises to build overseas marketing and service systems, and cultivate foreign trade independent brands.

Implement an active import policy and focus on supporting the import of advanced equipment and technology. Better use of foreign capital and foreign investment to promote trade.

In the qualified customs special supervision area to explore the supervision of the classification of goods status, under the premise of fair taxation and controllable risks, the qualified enterprise VAT general taxpayer qualification is granted. Further reduce the average inspection rate of exports, and promote the construction of “single window” of international trade to the qualified central and western regions during the year. Combating violations such as infringement and counterfeiting.

Analysts believe that although the March data has improved, the current grim situation of foreign trade has not changed fundamentally. In the context of the Ministry of Commerce's research team's recent trip to the 20 provinces in the country to understand the situation, the State Council's support for foreign trade is targeted, especially in the field of financial and taxation. Neither the 19th document of the previous "Several Opinions on Supporting Stable Growth of Foreign Trade" nor the 7th article of the "Opinions on Promoting Stable Growth of Imports and Exports" last year did not give policy on tax refunds. It is very difficult to clearly increase the export tax rebate rate for some mechanical and electrical products. The government's support for export enterprises at the financial and fiscal levels can play a hedging effect to a certain extent, and win time and space for the export industry to transform and upgrade in the medium and long term.

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