Tax rebate expanded to encourage yuan settlement
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China has expanded an export rebate program for petty trade using yuan settlement in border areas of the southwestern province of Yunnan to cover exporters registered in eight provinces and autonomous regions.
Export enterprises registered in the regions bordering other countries are eligible for export tax rebates when they export goods via designated ports to the countries and make settlement in yuan via bank transfer, according to a recent joint circular issued by the Ministry of Finance and the State Tax Administration.
Transactions settled in cash are not subject to the rebate policy, it added.
The regions are Inner Mongolia, Tibet, Xinjiang Uygur, and Guangxi Zhuang autonomous regions, and Liaoning, Jilin, Heilongjiang, and Yunnan provinces.
As of March 1, all export companies which have registered in the above regions and conduct general trade or petty trade businesses are allowed to claim back export tax.
