More than 95% enterprises will greatly enjoy
the convenient policy by extending declaration period, enlarging the export
rebate and tax exemption scope and simplifing procedures of export rebate
declaration, according to CCM International’s August issue of Biomaterials
China News.
Declaration period is greatly extended from
90 days to 470 days at most. According to the former related regulation,
enterprises must apply for export rebate in 90 days from customs clearance, or
related enterprises won't gain the returned tax. Now, the new policy regulates
that the declaration period is from the day of customs clearance next month to
April 30 of next year, so the declaration period can be 150 days at least and
470 days at most.
Ms. Yang, Manager of Xiamen Guozheng Tax
Office, said that due to debt chain, goods receiver's delay in issuing the tax
invoice and many other factors, but many enterprises can not collect adequate
materials to finish declaration and fail to gain export rebate. At last, the
export rebate on exported goods can not be gained. What's more, these exported
goods aren't used to sell in domestic market and extra taxes on them have to be
paid. And now, even though enterprises miss the declaration period, these
exported goods won't be used to sell in domestic market which will be suitable
for tax exemption. In this context, extending declaration period can relieve
enterprises' burden.
Apart from the extending declaration period,
the export rebate and tax exemption scope of export goods are also enlarged.
Former regulation has set four categories of
outsourcing products that can be considered as the enterprise self-produced
products entitled to enjoy the export rebate, but restrict limits are
stipulated, such as outsourcing product's name, performance, model that must be
consistent with the enterprise self-produced products. Outsourcing products
must use the enterprises' registered trademarks or be provided by foreign
enterprises that can be used by domestic enterprises, etc. Now, based on the
four categories, new policy relaxes the restrictions. For those who have
operated continuously for two years or more, have gained the qualification of
VAT general taxpayer, have the tax credit rating of level A, and have sales
value for last year of over USD78.5 million (RMB500 million), their outsourcing
products just need to have a correlation to the enterprise self-produced
products can be considered as the enterprise self-produced products to apply
for export rebate.
Some tax experts think this stipulation is an
encouragement for large exporters, which can help them increase their market
share in the international market. Currently, many domestic biomaterial
enterprises are facing the problem of capacity shortage, such as Wuhan Huali
Environmental Technology Co., Ltd. and Zhejiang Hisun Pharmaceutical Co., Ltd.
If they receive an order that out of their capacity, they will try to outsource
products to hold the customers. Before the new policy, the outsourcing products
can't be applied for export rebate, but now they can.
Besides, the procedures of export rebate
declaration are greatly simplified. For example, enterprises don't need to
offer verification sheet for customs clearance, and administrative permission
projects are sharply decreased. The new policy has canceled a rule for small or
newly established enterprises that small or newly enterprises don't need to
wait for 12 months to gain tax rebate. Mr. Zhu, Customs Declarant of Shandong
Fuwin New Material Co., Ltd., one of the main PBS producers, thinks these new
policies can help increase biomaterial enterprises' competitiveness, as they
can have more cash and less loan, especially for biomaterial industry in which
the investment is great."
The publication of these new tax policies is
under the depressed situation of foreign trade. In Feb. 2012, Ministry of
Finance of the People's Republic of China and State Administration of Taxation
have sent out research team to Shenzhen City, Xiamen City, Hainan Province,
etc., to investigate the situation of foreign trade and economic development
and listen to the opinion of export enterprises. And then, Wang Qishan, Vice
Premier of State Council of People's Republic of China, said, "Strive to
make the annual growth rate of foreign trade reach 10%." While, in H1
2012, China China
Main content of Biomaterials China
A
direction set for China
Shenzhen
BrightChina to expand its PLA capacity to 50,000t/a within 5 years
Jiangsu
Xinming to raise fund for Lyocell fiber
Lanhai
Technology develops algae fiber
Price of
castor oil still down since Aug. 2011
Price of
natural rubber is not optimistic
Domestic
potato price to be stable in 2012
… …
Biomaterials China News, with 12 to 14 topics in one issue, published on
the 8th every month, will bring you the latest information on the latest market
dynamics, company dynamics, new biomaterials products, new biomaterials
technology development, new legislations and policies and raw material supply
dynamics that are shaping the market.
About CCM
CCM is dedicated to market research in China
CCM International Ltd.
Guangzhou CCM Information Science & Technology Co., Ltd.
17th Floor, Huihua Commercial & Trade Mansion, No.80 Xianlie Zhong Road, Guangzhou 510070,China
Guangzhou CCM Information Science & Technology Co., Ltd.
17th Floor, Huihua Commercial & Trade Mansion, No.80 Xianlie Zhong Road, Guangzhou 510070,
Tel: 86-20-37616606
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