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El Sheik

China To Cut Export Tax Rebates, Foreign Firms Set To Suffer
BEIJING (Nikkei)--The Chinese government announced Monday that it will lower its export tax rebates by about 3 percentage points from the present average of 15%, effective Jan. 1, according to the state-run Xinhua News Agency.

The lower rebates on the 17% value-added taxes amount to a tax hike and means the financial burdens on Japanese, U.S. and other foreign exporters operating in China will increase.

The move is seen as China's preemptive action to fend off rising global calls for the yuan's revaluation and criticism against its growing trade surplus.

In China, value-added taxes are imposed uniformly on locally-made products during their shipments within the country, but if they are exported, a portion of the taxes is refunded. The rebate system is intended to encourage exports.

Also prompting the latest move is the fact that China cannot afford to meet its financial obligations of export tax rebates. At the end of this year, the outstanding amount of the government's unpaid tax refunds are projected to reach 300-350 billion yuan, a sharp increase from the year-earlier level of about 240 billion yuan, according to Chinese newspapers.

The export tax rebate rates are different according to product categories. The current 17% rebate rate on electric machinery and clothing and the 15% rate on steel and toys will be reduced to 13%. The 13% rate on crude oil and paper and pulp will be entirely abolished.

In contrast, the 5-13% rebates on processed food from agricultural products -- a key target area for Chinese exports -- as well as the 17% rebate rate on ships and automobiles and their parts will be left unchanged.

China's exports jumped 32.5% on the year in the January-August period, with performance holding steady even after the breakout of SARS (severe acute respiratory syndrome) this spring. Meanwhile, the country's revenues from valued-added taxes rose 17.3% on the year in the January-August period.

This trend toward export growth has been supported by international companies from Japan, the U.S. and Europe, which actively export products from their local production bases, capitalizing on cheap labor costs. Exports by foreign firms have risen to about 60% of China's overall exports.

Since the lower tax rebates are expected to deal a direct blow to the earnings at these foreign firms, they may in turn grow cautious about investing directly in the country.

(The Nihon Keizai Shimbun Tuesday evening edition)