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China's tax refunds, cuts to reach record 2.5 trillion yuan in 2022
China's tax refunds and cuts will reach a record high of 2.5 trillion yuan this year, and value-added tax (VAT) credit refunds will hit 1.5 trillion yuan to ease the burden on market entities, Vice Finance Minister Xu Hongcai said Wednesday.
March 24, 2022 -
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China front-loads transfer payments to steady local finance: Ministry
China has earmarked 400 billion yuan (about 62.9 billion U.S. dollars) of transfer payments to help local governments handle pressure from tax refunds, an official said on Wednesday.
March 24, 2022 -
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China plans larger VAT rebates to boost vitality of market entities
Chinese authorities have issued a circular clarifying relevant policies to increase the scale of value-added tax (VAT) credit refunds, to support the development of small businesses and manufacturing and boost vitality of market entities.
March 23, 2022