China Ministry of Finance posted the statement supporting the above mentioned fact on its official website, and commented that new rates will be effective starting from the September 15th.
The list of goods with increased tax incentives comprises of 397 items, including components for the microelectronics, steel-casting products, and also electromechanical, chemical and printing products.
The VAT recovery rate for these products will vary, though 16% is a maximum, in this case the exporters will get back all the amount paid.
Export plays a major role in China’s economy so the reduction of tax pressure is intended to stimulate export operations, especially in the light of introduction by the US government additional import duties for certain Chinese goods.
Chinese business has long been well established among basalt fiber manufacturers and suppliers, ranking among the leading market players, inform the reputable companies in their research works.