China pays 301.7 billion yuan in export tariff rebates in first 11 months of last year

The State Administration of Taxation said Wednesday it had delivered 301.7 billion yuan (37.2 billion US dollars) in export tariff rebates to companies involved during the first 11 months of last year without owing a single cent to the corporate world, as it promised.

The corporate world used to receive their due payments of export tariff rebates months later from the central and provincial governments, resulting in a severe problem of liquidity for many companies.

Since early 2005, the Chinese Government has increased its share of financial resources for payments of the rebates and made sure that the previous delayed payment of rebates was delivered within one year.

New rebates should be paid on time and in full.

The efforts have helped improve the financial situation of the companies involved and boosted their export products, said the administration.

Source: Xinhua