The Shenzhen Tax Service of the State Taxation Administration handled 53,700 cases to rebate enterprises with export taxes worth a staggering 34.43 billion yuan (US$4.89 billion) in the first four months of this year, sources from the local taxation authority said Sunday.
In April alone, export tax rebates reached an impressive 9.34 billion yuan, up 49.5% year on year. Production-oriented export enterprises received a substantial sum of 6.48 billion yuan in export tax rebates, an increase of 85.8% year on year, while foreign trade enterprises received 2.86 billion yuan in rebates, up 3.7% year on year.
Companies in the electronic equipment manufacturing industry had the highest amount of export tax refunds, totaling 14.32 billion yuan, accounting for 41.5% of the city’s total amount in April.
Recently, the taxation authority rolled out 13 measures to support export tax rebates, thus relieving pressure on enterprises. The measures include optimizing management and speeding up online services. Starting this year, the average processing time for normal export tax rebates in Shenzhen has been reduced to less than five working days.