Recently, Guangdong-Macao In-Depth Cooperation Zone in Hengqin focused on reducing export tax rebate documents, procedures and paper qualification proof in order to speed up tax rebate approvals customs clearance of returned cargo, and on-site due diligence to further facilitate the development of export enterprises in the cooperation zone and improve the business environment of foreign trade.
“Since this year, we have received export rebates of 2.55 million RMB. The recent measures have made it even more convenient since we can get a tax reimbursement in just 3 working days now. Besides, the tax service has become more personalized. The tax authorities will remind taxpayers free of charge so that we can know the latest export tax rebate, duty-free policies and the declaration progress in time. For companies, the tax costs are lowered, and the tax rebates can be used to ease the pressure of capital flow, thereby enhancing business operation efficiency,” said Ling Si, a financial staff member at Guangzhou Pharmaceutical (Hengqin) Chinese Medicine Industrial Park Co., Ltd.
Over the past years, the traditional Chinese medicine businesses in Hengqin have been taking advantage of Macao’s TCM R&D fruits and the role played in international trade through local industrial platforms, driving up the import and export trade volume.
In addition, the export trade in Hengqin is mainly serving businesses in Macao. According to statistics, a quarter of Hengqin companies applying for export tax refunds are selling products to Macao.
“There will be no need to fill in declaration forms for export tax rebates. The customs declaration information and the receipts of export goods can be immediately found online, which is very useful for exporting companies. This year, due to the impact of COVID-19, the volume of our export trade volume decreased a little bit, with 740,000 RMB tax rebates so far. However, with a series of national policy measures to support the development of foreign trade enterprises and those formulated by the cooperation zone to reduce business costs, we are confident that we can overcome this difficult time,” said Zhong Jian, CEO of Zhuhai Weichao Technology Co., Ltd.
The data shows that the total foreign trade volume of the Hengqin cooperation zone in 2021 reached 31.47 billion RMB, among which the total export value was 13.98 billion RMB. With the development of Hengqin's industrial clusters and the unleashing of corporate vitality, Hengqin's export enterprises are gradually enlarging business scales and moving towards industrialization. The amount of export tax refund in Hengqin increased rapidly from 48 million RMB in 2019 to 639 million RMB in 2021.