China's top tax official says the country's tax departments have paid 287.4 billion yuan or US$35 billion in overdue export rebates, accounting for 96 percent of the total.
At a national conference on cooperation between foreign trade and taxation administrations on Tuesday, Yu Guangzhou, vice minister of commerce, hailed the progress China has made in repaying the overdue payment of export rebates, which eased pressure on foreign trade companies in shortage of capital, and facilitated fast growth in foreign trade.
China introduced the export rebate system in 1985. And the issue of overdue export rebates first emerged in the year 2000.
Under the rules of the World Trade Organization, its members can offer rebates on exports at rates no more than the taxes they collect on those exports.
(CRI.com June 30, 2004)