China's export tax rebates exceed 600b yuan in first 5 months

China granted export tax rebates worth 632.4 billion yuan ($89.3 billion) in the first five months of the year to relieve the financial pressure on export enterprises amid the COVID-19 pandemic.

Starting from March 20, the country raised the export tax rebate rates for 1,464 items from 10 percent to 13 percent or from 6 percent to 9 percent, according to the State Taxation Administration.

Tax authorities have taken various measures to facilitate tax refunds for export firms amid epidemic prevention and control, such as promoting paperless tax rebate declarations and implementing contactless processing of export tax rebates.

Premier Li Keqiang on June 28 called for improving the implementation of export tax rebates, tapping the potential of customs clearance reform and optimizing services for enterprises amid efforts to stabilize foreign trade and investment.