VAT Refund for SMEs in China
Mainland China announced a new VAT rebate policy in March this year. This new measure, known as “Further Intensifying the Implementation of Policies for the Refund of the Period-end Uncredited VAT,” strengthens the VAT credit and refund policy, and is expected to increase this year's tax refunds to 1.64 trillion RMB in total. Foreign businesses in China in certain sectors, including SMEs, are set to benefit from these refunds.
To help members understand this development, three experts from Deloitte -- Charles Gong, Tax Partner; June Qu, Tax Director; and Janice Xu, Tax Manager -- shared their insights on the policy with members at a Chamber webinar on 8 June.
The panel also gave detailed explanations on some other common tax issues that businesses encounter in the Mainland, such as tax refund procedures, tax credit rating, and calculation of tax refund amount.
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