China announces new export tax incentives

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BEIJING, Dec 29 (AFP): China will this week raise export tax rebates on hundreds of products, the government said today, in its latest effort to help exporters struggling amid the global economic meltdown.
The boost for 553 machinery and electronic products will take effect from January 1, the finance ministry said, adding to a wide range of tax incentives for thousands of other items that have been introduced since October.
The ministry did not give specifics for all of the latest changes, but gave examples of some products.
Rebates on robots for industrial use will be raised to 17 per cent from 14 per cent, while those on motorcycles and sewing machines will jump to 14 per cent from 11 per cent and 13 per cent respectively, it said.
The hikes will help "alleviate the difficulties companies (are facing) and boost their confidence to get through the financial crisis," a statement posted on the finance ministry's website said.
The statement fleshed out an announcement by the State Council, or cabinet, last week flagging more tax help for exporters of machinery and electronics products.