Hello friends, hello everyone! Recently, there have been frequent actions in the field of international trade and investment at home and abroad, and a number of important policies and decrees have been introduced, which have brought new opportunities and challenges to our foreign trade industry. Next, let us sort out these key foreign trade policy support measures, especially the adjustments in tax incentives.
Domestically, the State Council's executive meeting reviewed and approved the "Several Policy Measures on Promoting Stable Growth of Foreign Trade" on November 8. Although these measures did not directly mention tax incentives, they created a more relaxed and favorable development environment for foreign trade enterprises by expanding the scale and coverage of export credit insurance, increasing financing support for foreign trade enterprises, optimizing cross-border trade settlement, promoting the development of cross-border e-commerce, and expanding the export of specialty agricultural products, which indirectly reduced corporate costs and improved trade conditions.
Next, it is worth mentioning the adjustment of the export tax rebate policy. On November 15, 2024, the Ministry of Finance and the State Administration of Taxation jointly issued a new policy, canceling the export tax rebate for products such as aluminum, copper, and chemically modified animal and vegetable oils and fats, while reducing the export tax rebate rate for some refined oils, photovoltaics, batteries and non-metallic mineral products from 13% to 9%. This policy was officially implemented on December 1, and the impact on export companies is obvious.
In addition, the import tax incentives for recycled copper and aluminum raw materials have also attracted much attention. The announcement jointly issued by the General Administration of Customs, the National Development and Reform Commission and other six departments clearly stated that recycled copper and aluminum raw materials that meet the requirements are not solid waste and can be imported freely. This policy not only reduces the import costs of related companies, but also improves the utilization level of recycled resources, which is of great significance to promoting green development and circular economy.
In the next issue, let’s talk about the recent policy support from foreign countries! Remember to pay attention~
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