China raises tax rebates for exporters
China’s Ministry of Finance announced increases on export tax rebates for 1,464 products. The increased rebates are meant to help lower the costs associated with U.S. tariffs, as well as provide additional funding to business experiencing reduced trade in the wake of COVID-19.
The rebate is effective as of March 20, 2020 and the applicable tax rebate rate is defined by the product’s export date. There are 1,084 products that will have their rebate raised to 13% and 380 products raised to 9%. Products range from plywood to livestock and poultry.
More information and a full product list can be found on the Ministry of Finance’s announcement here.
Trans-Border will continue to monitor the situation. If you have any questions, please reach out to Bill Carey, Import Compliance Manager, at email@example.com or (800) 493-9444.