The Ministry of Finance of the People's Republic of China has disclosed the national fiscal revenue and expenditures for the first quarter of this year, revealing a nearly 20 percent increase in export tax rebates compared to the previous year.
Statistics indicate that in the first quarter of 2024, Xiamen's total imports and exports reached 225.44 billion yuan ($31.11 billion). To bolster the growth of foreign trade enterprises, local tax authorities have prioritized providing services to export enterprises.
They have streamlined services for first-time export enterprises meeting the criteria and established a green channel for specific export enterprises. Additionally, they have collaborated with the Ministry of Commerce to promote and guide the implementation of tax refund policies, making it easier for enterprises to obtain export tax refunds.
The growth in foreign trade would not have been possible without support from tax and fee policies. Xiamen Xintianyuan Import and Export Co. Ltd, a company specializing in the retail of bags and apparel with a presence in 58 countries, received over 15 million yuan in export tax refunds in the first quarter. These funds were promptly reinvested to procure production materials, ensuring product quality and timely delivery and reinforcing the company's confidence in overseas markets.
An employee of the Xiamen Area of China (Fujian) Pilot Free Trade Zone said, "Next, our focus will be on further enhancing export tax management and optimizing services, actively exploring new avenues for tax support to facilitate the high-quality development of foreign investment and foreign trade."