China will raise export tax rebates starting Nov. 1 and speed up the process to relieve pressure on businesses and bolster foreign trade, the State Council said in a statement.
The tax refund rate will be increased to 16% for exports that are currently subject to a rebate of 15% or 13%. The rate will be raised to 10% or 13% for exports that currently get a 9% rebate. For exports currently subject to a 5% rebate, the rebate would be raised to 6%, or 10% in some cases.
Rates will not change for products that use a lot of energy, cause heavy pollution or are resource-dependent.
The rebate service will be streamlined, with a year-end goal of reducing the average time for tax refunds to 10 working days from the current 13 days. In addition, paperless tax refund declaration will be implemented to enhance the efficiency of the review process.