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Export tax modified
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THE State Administration of Taxation stipulated recently that a new approach of export tax rebates will be adopted in foreign-invested enterprises which were approved prior to December 31, 1993 from this year on, according to city officials.
Under the old policy, no tax on export has been levied or rebated to these businesses. Now, however, they will be charged export tax. After that, according to concerned regulations, the tax will be rebated in form of exemption, compensation or repayment. Exemption is for charged value-added tax of sales; compensation means using charged tax for raw material for that of domestic sales; repayment refers to post-compensation remainder. (John Woo)
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