Recently, the State Council approved the Ministry of Finance and the State Administration of Taxation to jointly issue a notice to announce that the export tax rebate rate for some commodities will be raised again from June 1. The adjustment involves the deep processing of agricultural products, machinery and electronics, shoes and hats, glass products, and steel products. More than 2,600 tax items in the industry.
Although this stone product has not been included in the tax refund list, according to the Ministry of Finance and the State Administration of Taxation, the notice on the tax rebate rate for the increase of value-added tax on labor-intensive products has been refunded since December 1, 2008. Increased from 5% and 9% to 11% and 13% respectively.
In response to the adverse effects of the international financial crisis, since last year, China has successively issued a series of policy measures to support the steady growth of foreign trade: to continuously increase the export tax rebate rate for some products, and the export tax rebate for stone exports from 5%, 9%, 11% to 13%; support stone enterprises to explore the international market, especially to explore emerging markets and establish marketing networks; increase loans through multiple channels to help export companies solve financing problems and so on.
However, in the face of the adverse impact of the financial crisis on China's stone industry, the role of measures such as adjusting export tax rebate policy is limited. In the long run, it is necessary to accelerate the transformation and upgrading of foreign trade and promote economic growth by adjusting the industrial structure. While stabilizing foreign demand, the government should work harder to expand domestic demand and transform development methods, and provide more support in areas such as expanding consumption, adjusting income distribution structure, and expanding public consumption.