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Foreign Trade Is Good! The Export Tax Rebate Rate Has Increased, Including Fasteners!
- Sep 11, 2018 -

In order to implement the requirements of “improving and improving the export tax rebate rate for some products” proposed by the State Council executive meeting on August 30, 2018, the Ministry of Finance and the State Administration of Taxation issued the “Notice on Improving the Export Tax Rebate Rate of Electromechanical and Cultural Products” (Cai Shui [2018] No. 93), increased the export tax rebate rate of 397 products, including fasteners, and will be implemented on September 15 this year.


Notice on Improving the Export Tax Rebate Rate of Products Such as Electromechanical Culture

Finance and Taxation [2018] No. 93


The provinces, autonomous regions, municipalities directly under the Central Government, the municipal finance bureaus (bureaus), the provincial tax bureaus, the provinces, autonomous regions, municipalities directly under the central government, the municipal tax bureaus, and the finance bureau of the Xinjiang Production and Construction Corps:


In order to improve the export tax rebate policy, the VAT export tax rebate rate will be increased for products such as electromechanical and cultural. The relevant matters are hereby notified as follows:


1. Increase the export tax rebate rate for multi-component integrated circuits, non-electromagnetic interference filters, books, newspapers and other products to 16%.


The export tax rebate rate for bamboo carvings, wood fans and other products will be increased to 13%.


The export tax rebate rate for basalt fiber and its products, safety pins and other products will be increased to 9%.


A list of products that increase the export tax rebate rate is attached.


2. This notice shall be implemented as of September 15, 2018. The export tax rebate rate applicable to the goods listed in this notice is defined by the export date indicated on the export goods declaration form.


Attachment: List of products that increase export tax rebate rate

How to grasp the benefits of fastener export enterprises?


On June 19, 2007, the Ministry of Finance, the State Administration of Taxation, the National Development and Reform Commission, the Ministry of Commerce and the General Administration of Customs jointly issued the Notice of the Ministry of Finance and the State Administration of Taxation on Reducing the Export Tax Rebate Rate of Some Commodities, stipulated since 2007. From July 1st, adjust the export tax rebate policy for some commodities. The export tax rebate rate for fasteners, springs and other metal products has been reduced from 13% to 5%.


In recent years, the export tax rebate rate requirement for the fastener industry has been raised to 13%, but it is still 5%, and this fastener product can be included in the list of export tax rebate rate increase, which is good news.


In addition, the reporter noted that on March 28 this year, the State Council executive meeting decided to determine the deepening of VAT reform measures. Since May 1, 2018, the value-added tax of manufacturing and other industries has been reduced from 17% to 16%; the value-added tax of transportation, basic telecommunications and other industries has been reduced from 11% to 10%. This means that after September 15th, part of the domestic manufacturing value-added tax can achieve a 100% tax rebate.


RMB depreciation + VAT adjustment + export tax rebate rate increase. For fastener export enterprises, even if the United States levies relevant tariffs, the impact is greatly reduced, and it is also conducive to seize other markets except the United States.


Therefore, fastener exporters should take advantage of this opportunity. On the one hand, not only to see the increase in export tax rebate rate, but also to improve internal strength, increase the high added value of products and improve the technical content of products, so as to promote the development of a healthy and sustainable road, prepare in time for timely and timely Try to control production costs and strive to improve production efficiency.


On the other hand, fastener companies can explore foreign markets through multiple channels.