China to implement large-scale tax rebate policy from Apr 1
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Update time : 2022-03-25 19:00:13
On March 23, officials from the Ministry of Finance and the State Administration of Taxation briefed the State Council on the value-added tax (VAT) credit refund.
Tax rebates and tax cuts are key measures to stabilize China's macroeconomic market this year. China will implement a large-scale tax rebate policy from April 1.
This year, China will reduce and rebate taxes by about RMB 2.5 trillion. Of this amount, about RMB1.5 trillion was set aside for tax rebates by large regulations.
First, China will increase the VAT credit refund policy for small and micro enterprises. Second, China will focus on manufacturing and other industries to extend full monthly incremental tax refunds to all manufacturing industries, scientific research and technology services, electric power, heat, gas, and water production and supply industries, and refund their stock tax credits in a lump sum by the end of this year.
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