Fine Chemicals ushered in the new fiscal and taxation policies. Since January 1 this year, the Ministry of Finance and the State Administration of Taxation have raised the export tax refund rate of some products. Among them the refund rate of some chemical products has increased. The export tax refund rate of sodium tripolyphosphate has been adjusted from the previous zero refund rate to the present 13%. The export refund rate standard of food grade sodium hexametaphosphate has been adjusted from 5% to 9% and the export tax refund standard of pentaerythritol has increased from 9% to 13%. From Yichang Municipal Office, SAT the correspondents learned that if we calculate the amount of export based on the above three kinds of products totaling $ 120 million in 2014 in Yichang City, the total amount of refund tax will increase to about RMB 70 million yuan ($11,263,000) after the implementation of the new tax rate. All of these will be favorable to the relevant companies.
　　“This is the further support of fiscal policy on traditional domestic goods export enterprises, particularly under the condition of the relatively low foreign trade.” An official from yichang Municipal Office, SAT introduced that the implementation of the new policy created a good condition for the city\'s chemical enterprises to adjust production structure and to achieve the transformation and upgrading. The impact of the adjustment of refund tax rate should not be overlooked. Half of our city’s export products are chemicals. So the adjustment of the refund tax rate of these three high-tech products is the guidelines for the chemical industry’s restructuring. It is also conducive for our city\'s chemical industry to be transformed and upgraded in a timely manner.” (Correspondent Yang Kai, Zhu Shijie)