New VAT rebate rule is expected to be launched in July. It is said that VAT rebate will be aggressively cut for enterprises with serious pollution, high power consumption, and huge resource waste.
Rumors have spread about that VAT rebate will decrease to 11% from previous 13%. Along with frequent safeguard actions from foreign countries, domestic textile mills are facing severe challenge. Those who used to live on VAT rebate will probably meet with bankrupt. Recently, many mills complained about the cut of VAT rebate.
