Foreign trade enterprises in Tongzhou benefit from tax rebate policy
According to data from the tax bureau of Tongzhou district, Nantong, the district is estimated to exempt or refund a total of 6.13 million yuan ($865,636) in taxes for over 60 local foreign trade enterprises this year, since a new national policy on export tax rebate was issued on March 20.
Tri Star Group (China) Co is a large foreign-invested enterprise whose products are mainly exported to Germany and the United States. Due to the outbreak of the novel coronavirus, the price of raw materials has increased while overseas orders have decreased.
"The export tax rebate rate has been increased by 3 percentages, which will help relieve financial pressure; our company is expected to receive 675,200 yuan in export tax rebates," said an accountant at Tri Star Group (China) Co. "Officials of the tax bureau have also offered targeted guidance."
A manager at Nantong Beite Pharmaceutical Machinery Co has decided to increase productivity and contribute to pandemic control efforts. Thanks to the new tax policy, the company is eligible to receive over 200,000 yuan in export tax rebates this year, which will help to recruit more employees.
Pickled vegetables produced by Nantong Tiancheng Food Co are also listed among the products which can benefit from the tax rebate policy. The company is a vegetable processor and mainly exports to Japan. It has received 214,500 yuan in tax rebates since January.