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China pays US$35b in overdue export rebates China's top tax official said Tuesday the country's tax departments have paid 287.4 billion yuan (US$35 billion) in overdue export rebates, or 96 percent of the total, to the country's exporters since last October. Addressing a national conference on cooperation between foreign trade and taxation administrations held by the State Administration of Taxation in cooperation with the Ministry of Commerce, Xie Xuren, head of the taxation administration, said the issue of overdue export rebates first emerged in the year 2000. The official said the remaining overdue export rebates have not been paid due to various issues that require additional time. Yu Guangzhou, vice-minister of commerce, hailed the progress China has made in repaying the overdue payment of export rebates, which eased pressure on foreign trade companies in shortage of capital, and facilitated fast growth in foreign trade. China's foreign trade during the first five months of this year totaled US$207.59 billion, up 33.4 percent year-on-year, against the backdrop of rapid growth in foreign trade last year, the vice-minister said. China introduced the export rebate system in 1985. Under the rules of the World Trade Organization, its members can offer rebates on exports at rates no more than the taxes they collect on those exports. |
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