Photo: iStock
Photo: iStock

Premier Li Keqiang presided over the State Council executive meeting to confirm measures to improve the export tax rebate policy, aiming to reduce burdens and maintain stable growth of foreign trade, Securities Daily reported.

The meeting decided that the current export tax rebate rate for goods, which stands at 15% and part of 13%, will be raised to 16%. While those set at 9% will be raised to 10% or 13%. The current 5% will be raised to 6% or 10%.

The export tax rebate rate for products with high energy consumption, high pollution, or resource products as well as products in the list of cutting overcapacity will remain unchanged.

It has also been decided to further simplify the tax system. The tax rebate rate is expected to be reduced from the original seven to five levels.

Meanwhile, the average processing time for tax refunds will be shortened from the current 13 working days to 10 working days by the end of this year.