Government to maintain the export tax rebate good clothing exporters

29. August 2009 · Write a comment · Categories: General Tax · Tags: , , , , , ,

China is a major exporter of apparel, apparel exports in 2001 is expected to total 12.494 billion, total exports of clothing and accessories amounted to 36.656 billion U.S. dollars. Clothing and accessories the total amount of exports, accounting for 13.8% of total exports, accounting for the global apparel export trade volume of 1 / 6.

HC screen Special Indian network Ministry of Commerce Chen Deming, Minister said that in November this year, encouraging imports and exports are growing. Annual import and export is expected to nearly 2.2 trillion U.S. dollars, down 16%. 2010, external demand to improve the stability of the policy measures to accelerate structural adjustment and development of foreign trade pattern, and the expansion of domestic demand for the products have import, export of services to promote the focus areas, efforts to achieve trade, “Paul shares, adjusting structure, promoting balance.”

Chen Deming said that in 2010, commercial business, domestic and international situation is extremely complicated, a good trend to the domestic economic recovery to continue to consolidate, but also face greater pressure of structural adjustment. He put forward four requirements:

Promote the steady growth of exports. Improve the stability of policies and measures in external demand and maintain the stability of the export tax rebate policy, expansion of export credit insurance coverage to support the export of large complete sets of equipment financing. Actively implement the policy of trade financing. Expansion of cross-border trade and the scope of RMB pilot areas. Improving customs clearance, quality inspection, foreign exchange management and other aspects of facilitation.

Speed up structural adjustment and development of foreign trade pattern. By optimizing the main foreign trade, commodities, markets and trade, structure, strengthening the trading nation status, the process of promoting trade power. Expansion of intellectual property rights and brands and high-tech, high value-added exports, promote the upgrading of processing trade. Strict control of “two high and one capital” exports.

The expansion of domestic demand products are imported. Stability of import promotion policies, clean up the unreasonable import restrictions on U.S. and EU urged to relax control of high-tech exports, expanding advanced technology, equipment, key components and materials imported in short supply, increasing imports and reserves of strategic resources.

Key areas to promote the export of services. Increase support for cultural exports, revised guidance of cultural goods and services export directory.

China is a Clothing Exporting countries is expected to total garment exports in 2001 was 12.494 billion, total exports of clothing and accessories amounted to 36.656 billion U.S. dollars. Clothing and accessories the total amount of exports, accounting for 13.8% of total exports, accounting for the global apparel export trade volume of 1 / 6.

2008 years Financial Crisis, to China Textile Clothing exports adversely affected. Textile and garment export growth rate fell, frequently by the EU, protectionist forces in the US-led attack. China’s textile and garment export companies in an adverse international environment, difficult ahead.

2010, the Ministry of Commerce will implement a series of stable export policy, to bring good textile and garment export business. However, it is undeniable that the trend of future exports will be proprietary intellectual property rights, independent brands and high-tech, high value-added products, while the traditional “two high and one Capital” products in the international market, more and more subjected to anti-dumping, and recall.

Therefore, enterprises should make full use of state SME support policies, efforts to change the existing mode of production, strengthen intellectual property rights and brands and high-tech, high value-added product development efforts. Only way to export them to go long.

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My Tax Rebate Check Dilemma

27. August 2009 · Write a comment · Categories: General Tax · Tags: , ,

There has been a lot of discussion about these checks. I have heard from economists while listening to NPR discussing the various merits of this plan and whether or not it will actually work as intended. I believe that they just might. But probably not necessarily by people just buying things but, because of the psychological boost it may provide to our collective psyche. What I find interesting is the self-fulfilling aspect of an economic recession. Everywhere you turn, there is talk about how bad things are and, it is my opinion that half the problem may be that people believe that things are bad whether or not they are personally effected. It is all they hear, so they get nervous. For sure, some people are in a bad situation from the sub-prime mortgage fall out. And, prices on many key products have gone up, like gas and food.

From my point of view, these US tax rebates check are a little controversial, even manipulative but, what is done is done and soon I, like millions of other Americans, will be receiving a check from the US government. So, the question I have is, should I spend it or save it? And, by save it, I don’t really intend to save it. What I mean by save it is to pay down one of my many bloated credit cards. For me, at this point in my life, that is saving.

In my case, I will be receiving two thousand one hundred dollars, six hundred for being married and three hundred for each of my children. There are certainly things I would like to buy with this money, things I have put off buying for one reason or another. Most of the things I would like to buy pertain to my home. I need a new couch, I need new window blinds, and I would love a new electronics like a flat panel TV and new DVD player. Well, ok, the truth is I don’t need these things, I want them. I can live with my old couch, old TV and such. I guess the only thing I can justify is maybe the new window blinds and they are for my kid’s bedrooms.

I could also do something extravagant like take a trip with my wife. Our anniversary is coming up and that would be a nice present. The funny thing is, I was just fine with how things were and now that I know I will be receiving this small windfall I am almost troubled with deciding what to do with it.

On a personal note, the most logical and responsible thing to do with this money is to use it to pay down debt. That said I have to ask myself if I have a responsibility to use this money for what it was intended, to stimulate the economy. I heard one economist state that if most Americans use this money for consumption; it would help to stimulate the economy. But, I also have a problem with our economy’s frightening reliance on consumption and it seems clear that even our global economy depends on American consumption.

In the end, of course, I am going to do what feels best for me. I do care about our economy and the plight of people who have been significantly impacted by these times. So, I will strive to find the middle ground and get what my kids need and ‘save’ the rest.

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Tax Rebates and How to Spend Them

27. August 2009 · Write a comment · Categories: General Tax · Tags: , ,

 

What To Do With Your Tax Rebate?

 

“Economic Stimulus” is something at the forefront of everyone’s mind these days, especially in the entertainment industry. With the Dollar at an almost record low, gas prices soaring, the general economy spluttering, a costly WGA strike just behind us and a possible SAG strike looming, things are looking a little gloomy.

 

Luckily, a little relief is at hand. As of May, those that have filed their income tax returns will be starting to get bonus checks in the mail; 0 for an individual, ,200 for a family (check www.irs.gov for details on eligibility and timing). So the question on everybody’s mind is: “What do I do with my new found money?”

 

If you ask the government, you spend it. All of it. After all, that is the point of an “economic stimulus” package: you give people money, which they go out and spend, which generates cashflow to numerous business that would otherwise go with out, which means more money they spend in turn on supplies, and staff, and taxes… you get the picture. However, unless you strongly feel it is your patriotic duty to blow through your upcoming 0 at Macy’s (or Target, depending on where you like to shop), we would encourage you to consider using this windfall as your very own, personal “economic stimulus” package…

 

So, if we accept that we are not going to do what GW and friends want us to do with our money (you rebel, you), what to do with it? We would suggest putting it into three distinct areas in your personal financial life.

 

1. Debt Relief – 0. If 0 is the amount you end up with, then 0 of it should go to the credit cards. This should be on top of whatever amount you are paying them anyway, as it means the additional money will go straight to the knocking down the principle. Not only will this reduce your interest payment next time, but will feel great as well – something that is all to rare when it comes to money, but is none-the-less crucial to work our way out of tight financial situations.

 

2. Wealth Account – 0. This is one of the cores of the Artists’ Prosperity System, and is essential to any wealth building process. All a “Wealth Account” is is a high interest savings account which you use to build up money in until you are ready to invest with it. We think highly of ING for this (www.ingdirect.com), and they always offer highly competitive rates, but there are certainly plenty of other institutions that are just as good – they can easily be researched online. What I want to stress with this account, before we move on, is that it needs to be liquid (ie you can get your money in and out of it easily), and that it is not a savings account, or an emergency account, or a travel account (all of which can be great, but are separate from your wealth account). You only take many out of your wealth account to buy assets, namely things that either generate money for your or increase in value. Nothing else. Ever. Period. Have I made my point.

 

3. Treat Yourself – 0. OK, so blow through some of the money, and feel great about doing it! When else have you been given money to go out and spend? And it is for the good of the country! A real win win! So get out there and buy a new shirt, or that pair of shoes you have been coveting, or a couple of games for the Wii, totally guilt free. Reward is an essential part of building wealth, because it makes the discipline required in other financial areas significantly easier to bear. So treat yourself. You have, after all, just paid an extra 0 towards your debt, and started a high interest account (into which you will be putting money regularly, right?), so now is the time to spoil yourself a little.

 

And that is it. Nice and simple. Three areas into which to put your “free money” – and any other money that comes your way if you choose to. Some of you may, of course, want to put more into debt and your new wealth account than into a splurge for yourself, and that is fine. Just don’t take it out all together. As I said earlier, one of the keys to growing money is feeling good about it, so you really do need to reward yourself for having taken action on improving your finances. There are a number of places to go next but, if you really allocate your money into the three areas listed above, you have laid a great foundation for yourself, and taken a strong step down the road of financial security and prosperity.

 

 

Furniture and metal industries are subject to export tax rebates favorable foreign trade multi -

26. August 2009 · Write a comment · Categories: General Tax · Tags: , , , , , , , , ,

The United States and the European Union the main export market for furniture in Guangdong in 2009, Guangdong’s exports of furniture, the United States and the European Union were 3.38 billion U.S. dollars and 21.7 billion U.S. dollars, accounting for the same period in the above-mentioned Taken together, the total value of furniture exports in Guangdong 55.6%. Over the same period, exports of 1.15 billion U.S. dollars to the Association of Southeast Asian Nations, a sharp increase of 1.4 times. Because the causes of the financial crisis, furniture hardware exports fell into a trough, but due to a strong national export tax rebate policy guidance, Guangdong Furniture Hardware Overall exports is also satisfactory.

    Since June 2009 the export tax rebate rate of furniture from 13% to 15%, year on year growth rate of Guangdong furniture exports rebound in a row. Single month in November last year with exports amounting to 1.02 billion U.S. dollars, the December monthly export a new record high, reaching 1.15 billion U.S. dollars, up 28.3%, growth of 13.3%. All of these are attributed to the product of the furniture industry, “a face-lift.”

    Taiwan-funded enterprises, Dongguan Guang Tong Glass Co., Ltd., chairman of Young article yesterday told the author that, as a number of supporting the export of furniture glass manufacturer, he has noticed a clear improvement in the situation of furniture exports, in early 2009, orders were down about 30%, while in marked improvement in the fourth quarter, in recent months, orders grew 20% ~ 30%. In addition to benefiting from the gradual pick up in external demand, but also with the furniture industry self-adjustment of product structure, related to the increase in orders are basically new.

    Yang article reflects, the new product will not only lead to more orders, but also enable enterprises can maintain about 15% of the profits. Older products are almost close to zero profits and even easier to loss, which forced enterprises to continuously design and development of new products. Guangzhou Customs statistics show that in 2009 total exports of Guangdong Furniture 9.96 billion U.S. dollars, declined by 2.9% over the same period the previous year. Guangzhou Customs reminds enterprise, Europe and the United States and other countries frequently introduced technical barriers to the export restrictions on the role of furniture in Guangdong is increasingly enhanced, is not only a marked increase in export costs, but also can easily be emulated by other countries and abuse, furniture exports, external pressure will be increased significantly. Technical Barriers to including the European Union in April 2009 of wood and wood products through the specifications and design of new environmental directive motion of two laws, the United States promulgated the “Lacey Act (Amendment),” and will be held April 1, 2010 furniture products for “Ray Oxley Act “and so on.

    Shenzhen furniture exporters Fan spoke in an interview, many furniture companies will increase the tax rate to raise the profits of investment design and development, rather than cut prices to compete, and now the world’s furniture industry’s technical standards on the threshold of getting higher and higher, testing costs increased by about 10%, in this case to rely on new products in order to enable enterprises to retain profits.

    ”We used to rely mainly on OEM exported in the form Europe and the United States to try to independently design, we found a number of European and American customers are willing to outsource the design link to us. In the Southeast Asian market, the customer better to accept our self-designed furniture, orders doubled growth, greatly reducing the in 2009 the pressure on Europe and the United States exports. “Fan said.

    Secretary-General of the Guangdong Industrial Design Association, HU Qi-chi have a deep understanding of this, some of the furniture enterprises in Guangdong in different countries or regions according to the housing structure for the customer tailor-made furniture, through the provision of value-added services can get more profits.

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2009 Green Tax Credits

26. August 2009 · Write a comment · Categories: General Tax · Tags: , ,

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Electric Motor-Vehicle Credit

The Internal Revenue Code Section 30 (IRC 30) provides a credit for qualified plug-in electric vehicles. The credit is equal to 10 percent of the cost of a qualified plug-in electric vehicle and is limited to ,500. Qualified vehicles may include low-speed vehicles or vehicles that have two or three wheels.

One requirement is the vehicle must be acquired after February 17, 2009, and before January 1, 2012 to qualify. The vehicle must be acquired for use or lease and not for resale. Additionally, the original use of the vehicle must be with the taxpayer and the electric vehicle must be used predominantly in the United States.

Home Energy Saving Equipment Credit

The American Recovery and Reinvestment Act (Recovery Act), enacted earlier this year, expanded two home energy tax credits: (1) the non-business energy property credit and (2) the residential energy efficient property credit.

1. The non-business energy property credit equals 30 percent of what a homeowner spent on eligible energy-saving improvements, up to a maximum tax credit of ,500 for the combined 2009 and 2010 tax years. This includes the cost of certain high-efficiency heating and air conditioning systems, water heaters and stoves that burn biomass, along with the labor costs for installing these items. In addition, the cost of energy-efficient windows and skylights, energy-efficient doors, qualifying insulation and certain roofs also qualify for the credit (though the cost of installing these items does not count).

This means that if you spent as little as ,000 before the end 2009 on eligible energy-saving improvements, you can save as much as ,500 on your 2009 federal income tax return. Of course, due to limits based on tax liability and other credits claimed by a particular taxpayer (as well as other miscellaneous factors), actual tax savings can vary. These tax savings are on top of any energy savings that may have resulted by making the energy-saving improvements.

2. Homeowners going green should also check out a second tax credit designed to spur investment in alternative energy equipment. The residential energy efficient property credit equals 30 percent of what a homeowner spends on qualifying property, such as, solar electric systems, solar hot water heaters, geothermal heat pumps, wind turbines, and fuel cell property. Generally, labor costs are included when calculating this credit. Also, no cap exists on the amount of credit available except in the case of fuel cell property.

Not all energy-efficient improvements qualify for these tax credits. For that reason, homeowners should check the manufacturer’s tax credit certification statement before purchasing or installing any of these improvements. The certification statement can usually be found on the manufacturer’s website or with the product packaging. Normally, a homeowner can rely on this certification. The IRS cautions that the manufacturer’s certification is different from the Department of Energy’s Energy Star label, and not all Energy Star labeled products qualify for the tax credits.

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