China raises export tax rebate on more than 600 products

China said Monday it has raised tax incentives on more than 600 export items, with some up to the maximum level possible, as it stepped up efforts to help businesses ride out the global economic slowdown. From June 1, export tax rebates on products including shoes, toys and furniture have been lifted to between five and 17 percent, the finance ministry said in a statement posted on its website.
Exports such as sewing machines and air conditioners have been given the full tax rebate of 17 percent, while rebates on items like juice, furniture and toys have been raised to 15 percent, according to the statement. The export tax rebate scheme allows Chinese enterprises to get back part or all of the money they have paid in value-added tax, which stands at up to 17 percent, for items that have gone into the production of export goods.