Fiscal Policies On Textile Industry
Some preferential fiscal policies on textile development have come out in XJ, aiming to build XJ into a textile and garment export processing base and international trade center. The base will link the markets of the inland provinces with that of central Asia and Europe.
From 2011 on, XJ will pay discount while giving financial support to the textile companies that have got loan from banking institutions. The companies should implement technological innovation and develop downstream products.
In order to encourage XJ's textile companies, the government plans to invest no less than 20 million RMB of fund to textile industry every year. From next year on, it will exempt part of income tax of textile companies, and exempt the house tax and land use tax in cities and towns for textile companies for 5 years.
The exempted tax should be used to increase worker's income, in technological innovation and products update.
Source:XJTV
