China to Provide Additional VAT Refunds Worth 27 Trillion Won
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[Asia Economy Reporter Kim Daehyun] China has initiated an additional value-added tax (VAT) refund worth 27 trillion won to stimulate the economy.
China's financial authorities announced on the 7th through the "Expansion of VAT Refund Applicable Industries" notice that they will refund VAT amounting to 142 billion yuan (approximately 26.7 trillion won) for seven additional industries.
The additional industries include ▲wholesale and retail ▲agriculture, forestry, animal husbandry, and fishery ▲accommodation and food services ▲repair and services ▲education ▲health and social industries ▲culture, sports, and entertainment, and the VAT refunds for these industries will be implemented starting next month.
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As a result, China's total VAT refund amount this year will increase to 1.64 trillion yuan (about 308 trillion won). Earlier, in April, China announced VAT refunds of 1.498 trillion yuan (about 282 trillion won) for 13 industries including manufacturing, scientific research, and information technology, and had refunded 1.34 trillion yuan (about 252 trillion won) by last month.
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