China's VAT credit refunds to hit 1.64 trln yuan-Xinhua

China's VAT credit refunds to hit 1.64 trln yuan

Source: Xinhua

Editor: huaxia

2022-06-02 21:07:30

BEIJING, June 2 (Xinhua) -- China's value-added tax (VAT) credit refunds are expected to rise to 1.64 trillion yuan (about 244 billion U.S. dollars) this year, as the country ramped up efforts to reduce enterprises' tax burdens and help them tide over difficulties, an official said on Thursday.

More sectors will be able to enjoy VAT credit refunds, including wholesale and retail sales, agriculture, accommodation and catering, Ou Wenhan, an official with the Ministry of Finance, told a press conference, citing a package of measures unveiled by the State Council earlier this week.

The newly added tax refunds are estimated to hit 142 billion yuan, which will enable more market entities to benefit from the tax refund policy and increase their cash flows, Ou said.

Data from the tax authorities showed that China's VAT credit refunds from April to the end of May amounted to about 1.34 trillion yuan.

Ou said the ministry and relevant government organs are accelerating the implementation of tax refunds to ensure enterprises, especially micro and small ones can benefit from the policy timely.