On 4 September 2019, China’s Ministry of Finance and the State Taxation Administration released a bulletin (Bulletin 84) that introduces a more favorable refund policy of “newly increased unutilized input VAT” for certain manufacturing businesses, retroactively effective as from 1 June 2019. The new policy, which is designed to stimulate investment in various manufacturing industries, allows qualified businesses to obtain larger VAT refunds and to obtain them earlier.
Source: Deloitte
