Today, the Ministry of Finance and State Administration of Taxation issued a notice on the adjustment of VAT rebate rates for certain exports, including the removal of export VAT rebates for 553 types of high energy consumption, high pollution and resource-type products, and the reduction of VAT rebates for 2,268 types of products which can easily trigger trade conflicts, including bags and luggage, clothing, footwear and headgear, umbrellas, furniture, watches and clocks and toys, reports www.tdctrade.com. The adjustment measures will come into force today, 1st July 2007.

For details of the above VAT rebate adjustment in Chinese, please visit:
www.mof.gov.cn/english/english.htm

Source: Hong Kong Trade Development Council