PLANS TO INCREASE EXPORT TAX DISCOUNT
China plans to increase export tax discount to boost textile exports after a slight growth of only 1.1 per cent in May, 2008, the Indonesian textile association (API) said. Currently China plans to raise the export tax discount to 13 per cent for textiles and 15 per cent for garments, API chairman Benny Soetrisno said.
Large influx of Chinese products is feared especially with the free trade agreement signed between ASEAN and China, reports said.
China earlier cut its textile export discount from 17 per cent to 11 per cent on pressure from other countries especially the United States.
Source: Asia Pulse, July 4, 2008