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China issues 1.6T yuan in tax rebates for export companies

Date: 2022-11-29
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China's tax authorities have accelerated export tax rebates process this year in support of the steady growth of foreign trade, reported China Media Group (CMG) on Sunday.

The country handled 1.64 trillion yuan ($228.67 billion) in export tax refunds and exemptions from January 1 to November 10, a year-on-year increase of 14.9 percent, data from the State Administration of Taxation showed.

The export tax rebate procedure has been constantly optimized, allowing all export tax rebate applications to be handled online since the start of the year.

What's more, the processing time has also been significantly shortened. Since the beginning of this year, the average time for processing normal export tax refunds has been reduced to within six working days. Companies with good tax records can see the processing time cut to within three working days.

China's exports of goods rose 13 percent year on year to 19.71 trillion yuan from January to October, customs data showed.


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