Export tax rebates increased for machinery products

Just today we have underlined totally 3-phase the tax rebate hikes put into effect phase by phase.  Very same day, the forth phase of tax rebate increases has been published. The new 4th phase adjustments covering machinery products. Here is the news: BEIJING, Dec. 29 (Xinhua) — China will increase the export tax rebates for some machinery products as of Jan. 1, 2009, in a bid to alleviate cost burdens on exporters, the country’s taxation watchdogs said Monday. The rebate hikes will involve 553 types of high-tech and high value-added mechanical and electrical products, the Ministry of Finance (MOF) and the State Administration of Taxation announced. Export tax rebate rates for industrial robots and inertial navigation systems for aviation use will be increased to 17 percent, from 13 percent and 14 percent respectively. The rebate rates for exported motorcycles and sewing machines will rise to 14 percent. Their current rebate rates stand at 11 percent and 13 percent respectively. “The move will help ease the sufferings of Chinese exporters and boost the country’s confidence in fighting the financial crisis,” the MOF said in a statement. It was China’s fourth rebate hike on exported products this year, and one of several government’s measures to counter the global economic downturn that has dampened foreign demand. The most recent increase took effect on Dec.1, covering 3,770 items of labor-intensive, mechanical and electrical products, or 27.9 percent of the country’s total exports. The previous two rebates were made in August and November. Official data showed China’s November exports declined year-on-year by 2.2 percent to 115 billion U.S. dollars, the first monthly decline since June 2001. Before that, export growth slowed from 21.5 percent in September to 19.2 percent in October. China levies value-added tax on most products, but refunds varying amounts of that tax on goods that are exported. The government usually adjusts the size of export tax rebates for different types of goods when it is trying to encourage or discourage growth in particular industries.

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Attention to VAT Rebate Changes!

We want to redraw attention to the  newly adjusted VAT rabates again.  Because  a total of  3,770 items, in the third export tax rebate increase this year, is put into affect in December.

The items involved include labor-intensive, mechanical and electrical products.

So those buying from China is better to learn whether there is a change for their products.  Buyers can decrease their buying prices if there is are tax rebate increase on their items. Because, an export rebate increase means a decrease in the manufacturer’s total costs.

Rises in tax rebate rates varied among different items. For example, the rate on tires was raised from 5 to 9 percent while glassware was up 5 to 11 percent. Rates on labor-intensive products such as luggage, shoes and umbrellas were elevated from 11 to 13 percent.

The 3,770 items accounted for 27.9 percent of the country’s total exports.

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Safer Parking award from the British Parking Association

Westfield London, the capitals newest shopping centre, has been awarded a Safer Parking award from the British Parking Association (BPA) within its first six weeks of opening. Europes biggest inner city shopping and leisure destination received Park Mark status at a recent ceremony for providing a safe parking facility with 4,500 spaces.

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The European Union has initiated a pilot project whose aim is to build secure parking areas

The number of attacks on LGVs, in which not only the load is stolen, but also the driver is threatened with a weapon or even injured is steadily increasing. Apart from the long term mental damage to the driver, every year this results in losses of around 8.5 billion Euros, with the trend increasing. The European Union has therefore initiated a pilot project whose aim is to build secure parking areas.

One such automated secure parking area is currently being developed in Germany at the Wörnitz Truck Stop on Exit 109 of the A7 Autobahn, north of the A6/A7 interchange. Wörnitz Truck Stop commissioned DESIGNA and Würzburger Stadtverkehrs GmbH to build a fully automated secure LGV parking area in compliance with the highest security standards.

From December 2008 there will be 25 fully automated secure parking spaces available for LGVs with at risk freight. A special feature of the new secure parking area, which is, of course, fully fenced in and under video surveillance, is automatic photographic logging of the

• vehicle licence plate
• driver
• vehicle from the top left hand side
• and the vehicle from the top right hand side.

This implementation of innovations developed by DESIGNA in the tried and tested PM ABACUS system enables the operation to be fully automated without the operator needing to employ a large number of staff, explained DESIGNAs sales manager, Marten Jentsch, summarising the advantages of the companys system.

Source:Nadine Lübbe http://www.designa.com

From: DESIGNA Verkehrsleittechnik GmbH

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Trade Payment Rules Eased (Update1)

Companies in China previously allowed to collect %10 of prepayments on exports in foreign currency. Starting from today, now State Administration of Foreign Exchange increased prepayments to %25 on exports in foreign currency.Here is the news from Bloomberg by Li Yanping:

Dec. 23 (Bloomberg) — China will loosen regulations on the prepayments companies can receive when exporting goods to help their cashflow as the global financial crisis hits overseas sales, the State Administration of Foreign Exchange said today.

Companies will be allowed to collect 25 percent of prepayments on exports in foreign currency, up from 10 percent, starting from today, the regulator said on its Web site. The rules are being changed to “tackle the negative impact of the global financial crisis and to promote stable and relatively fast economic growth,” the statement said.

Expansion in the world’s fourth-largest economy is slowing as recessions in the U.S. and Europe stem demand for goods from the Asian nation. China’s exports fell for the first time in seven years in November and imports plunged. Two thirds of the country’s smaller toymakers closed in the first nine months on faltering demand, according to customs bureau data.

Importers will be allowed to make delayed foreign-exchange payments on shipments amounting to 25 percent of the value of the goods, up from 10 percent, today’s statement said.

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