China will cut export rebate rates to 13% and 9%, respectively, for exports that enjoyed 16% and 10% rebate rates in accordance with value-added tax cuts effective April 1, according to a statement from the Ministry of Finance.
- China will lower departure tax rebate rates to 11% and 8%, respectively, from 13% and 9% earlier.
- Companies that buy farm products will be entitled to a 9% VAT deduction rate, lower than 10% earlier.
- China announced a plan March 5 to cut the top VAT bracket by 3 percentage points.
—With assistance from Douglas Huang.
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