Shenzhen’s export tax refund increased by 23.5% year on year

According to Shenzhen Service, State Taxation Administration, Shenzhen’s export tax refund reached 20.16 billion yuan in January and February of 2024, increasing by 23.5% year on year.

It’s known that Shenzhen’s export reached 2,460 billion yuan in the year of 2023, up 12.5% year on year, having ranked first among China’s inland cities for consecutive 31 years.

Export tax refund measures have a great significance for steadying foreign trade and strengthening the sources of tax revenue. On January and February of 2024, the tax refund to productive enterprises reached 11.21 billion yuan, having a year-on-year increase of 8%. The tax refund to Shenzhen’s leading productive enterprises had a year-on-year growth. The manufacturing industry involving the production and manufacturing of specialized equipment, transportation equipment, vehicles, especially that of photovoltaic device, high-end medical instrument, drones, new-energy vehicles and other hot products alike, shared about 70% of the tax refund.

Furthermore, in January and February, Shenzhen’s departure tax refund scheme also surged. The sales available to the departure tax refund scheme approached 50 million yuan, meaning a surge in the consumption attraction to foreign travelers.

The data showed that new quality productive forces are growing, the manufacturing sector, service industry and the industry format are vigorously developing towards a new trend, and the manufacturing sector of Shenzhen is moving forward in a more advanced, more intelligent and greener way.

Resource: Shenzhen Special Zone Daily

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