Guangdong Well New Materials Technology Co., Ltd., a high-tech firm in Gaoming Park of Foshan National High-tech Industrial Development Zone, recently received a batch of export tax refunds worth 290,000 yuan ($42,282).

This April, the State Taxation Administration released an administrative notice on facilitating export tax rebates and promoting the stable development of foreign trade.

The notice was mainly designed to further improve domestic export tax refunds for processing trade enterprises and ease their financial burdens. It stipulates that domestic processing trade enterprises are entitled to enjoy a uniform tax refund rate, and that the amount of tax tobe refunded is allowed to be transferred to the input tax for value-added tax (VAT) deduction.

So far, a total of 11 enterprises in Foshan have benefited from the favorable policy.

Guangdong Well New Materials Technology Company said that the newly introduced taxation policy has fundamentally eased its financial burdens and ensured stable operations during the COVID-19 pandemic.

Employees from the local taxation bureau hold a lecture on the policy of export tax rebates in Guangdong Well New Materials Technology Company. [Photo/fs-hitech.foshan.gov.cn]

During the past several months, the local taxation department has conducted extensive publicity and promotional campaigns on export tax rebates. In the next step, the industrial development zone will intensify its efforts to implement the policy of export tax refunds and help foreign trade firms better cope with uncertainties in the international market.