The Ministry of Finance announced on Monday the adjustments to its value added tax rebate, which will become effective December 1st. The announcement follows the decision that was made by the State Council on November 12th.
The Ministry of Finance says the rebate on some chemical products, stone materials, and aluminum sheets and strips will be raised from between 5 and 9 percent to between 11 and 13 percent. And it will also increase the rebate on exports of some types of rubber including tires, to 9 percent from the current 5 percent.
China has launched a series of tax adjustments to help its producers, who are hurting from a sharp domestic property slump and the impact of the global financial crisis on demand for China's exports. This is the third time this year that China has raised its export tax rebates.
(CCTV November 18, 2008)
