The Chinese Ministry of Finance and the State Administration of Taxation have revealed that the country will reduce the export tax rebate for 209 products, including solar PV
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AI Customer Service(Illustrative Photo; Photo Credit: humphery/Shutterstock.com) The Chinese Ministry of Finance and the State Administration of Taxation have revealed that the country will reduce the export tax rebate for 209 products, including solar PV cells and modules from 13% to 9%, starting from December 1, 2024.
For solar, the rebate has been available since 2003. According to industry experts, the move to bring down the export tax rebate is aimed by the administration at checking overcapacity concerns because of which prices in the PV industry have dropped to record lows.
Some industry analysts, who spoke to pv magazine on condition of anonymity, said the tax rebate reduction is part of a longer-term strategy. With Chinese PV products dominating global markets, they said that the government might eventually phase out export tax rebates entirely.
The export tax rebates are seen as China’s efforts to support its industries since this financial support from the administration enables companies to sell their products overseas for lower prices. A list of the 209 products is available here.
According to the China Photovoltaic Industry Association (CPIA), Chinese solar PV export volume of $18.67 billion declined by 35.4% year-on-year (YoY), due to oversupply (see H1 2024 Chinese PV Export Volume Dropped By 35.4 Percent Annually, Says CPIA).
The solar and wind power industries are understandably lobbying to extend these subsidies, as they represent the foundation of their business model. As Warren Buffett famously said, “For example, on wind energy, we get a tax credit if we build a lot of wind farms. That’s the only reason to build them. They don’t make sense without the tax credit.”
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