This article comes from "Netease Finance"
The Ministry of Finance and the State Administration of Taxation issued the Notice of the Ministry of Finance and the State Administration of Taxation on Improving the Export Tax Rebate Rate of Some Mechanical and Electrical Products. From January 1, 2009, the export tax rebate rate for some mechanical and electrical products with high technical content and high added value will be increased.
It mainly includes: increasing the export tax rebate rate for products such as aviation inertial navigation devices and industrial robots from 13% to 14% to 17%; and increasing the export tax rebate rate for motorcycles, sewing machines and other products from 11% to 13% to 14%. A total of 553 products.
The background of this policy is: The recent meeting of the State Council has identified a series of policy measures to ease the difficulties of export enterprises and maintain stable growth of foreign trade. It explicitly proposes to increase fiscal and tax policy support and improve some technical content and added value. High export rate of mechanical and electrical products.
553 products cover sub-sectors such as railway transportation equipment, machine tools, shipbuilding and motorcycles. Among them, the export tax rebate rate of some products with relatively high technical content such as railway transportation equipment, machine tools and shipbuilding has increased to 17%, and labor-intensive products such as motorcycles have increased from 11% to 14%.
According to preliminary calculations, this policy has led to an increase in the gross profit level of related products by nearly 3%, which can partially alleviate the decline in income and profit brought about by insufficient internal and external demand, and slow down the space for the industry to decline.
In addition, the slowdown in foreign markets, coupled with the appreciation of the renminbi relative to other emerging exporting countries, the introduction of this policy will effectively promote the development of export markets, and the pessimistic expectations for export growth in 2009 have been alleviated.
We believe that the biggest benefit of this policy is the sub-industry with high export ratio and the industry's first bottoming, such as motorcycles and ordinary machine tools. We will focus on Zongshen Power (7.51, -0.04, -0.53%, bar). The biggest, it is recommended to focus on. Relatively speaking, railway transportation equipment and shipbuilding benefits are relatively small.
Risk warning: The adjustment of export tax rebate policy is expected to broaden the living space of small enterprises, or it will intensify competition in the industry, which is not conducive to the adjustment of the competitive landscape. The sub-industries with high inventory, such as machine tools, are relatively competitive.