Speedmark Transportation
Providing TOTAL LOGISTIC SOLUTIONS since 1971.
Speedmark is committed to the growth of your business, offering solutions for every phase of the supply chain. Speedmark keeps you on schedule at reduced costs. For your air, ocean, or third party logistics needs, Speedmark delivers secure transportation of your goods with specialized service and care.
We also provide SHIPPING CALCULATORS AND CODES to get you started.
CHINA INCREASES TAX REBATES FOR GARMENT PRODUCTS
August 4, 2008
The Chinese government increased tax rebates for certain textile and garment exports in a long anticipated move to aid an industry hurt by the yuan’s appreciation and rising production costs. The tax rebates were raised from 11% to 13% effective August 1, 2008 according to a statement released by the State Administration of Taxation.
The commodities covered by the rebate increase include silk, wool yarn, chemical fibers, and cotton products. Other rebate programs however have become defunct such as programs previously in place for pesticides, medicine, silver, paint, zinc and battery products.
This announcement comes after a slowdown in China’s textile and garment exports, which rose 11.11 % in value in the first half of 2008 versus the nation’s overall export growth of 21.9 % in the same period. The textile and garment industry had been facing difficulties stemming from the stronger Chinese currency, tight monetary policies that made financing more expensive, higher labor costs and rising raw material prices according to market analysts. While exports in textile and clothing rose 11.1 percent to 81.7 billion U.S. dollars in the first half, the growth rate was 6.4 percentage points less than the same period last year. Investments in large projects (5 million yuan or more) totaled 126.7 billion yuan in the first half, up 14.24 % from the same period last year. But the growth rate wwas 11.5 percetage points lower, according to the China National Texitle and Apparel Council. Deputy Director of the Research Institute for Fiscal Science under Ministry of Finance, Bai Jingming says that the tax rebate increase is expected to ease pressure and help boost exports.
If you have any further questions regarding specific commodities covered by the rebate, please contact your local Speedmark representative.
With the introduction of C-TPAT by U.S. Customs and the more stringent requirements from TSA, many freight forwarders have found themselves juggling the requirements of their customers, the various government requirements, and their own internal procedures. In response to these requirements, Speedmark took the initiative by becoming an A-level TAPA certified service provider at their Bay Area location as an opportunity to streamline their overall security and compliance program. The Burlingame location, not only holds the SFO Branch but their U.S. Corporate headquarters as well, has upgraded its facility with more extensive CCTV coverage and greater access control, as policies and procedures were expanded. Because this process begun in conjunction with the corporate office, the success of the new expanded program has far greater implications. Security has subsequently become a top priority at all offices in the U.S., and Speedmark has established an internal international security program.