VATupdate

Preferential VAT refund policy expanded

On 21 March 2022, China’s Ministry of Finance and the State Taxation Administration issued Bulletin [2022] No. 14 (Bulletin 14), which expands the scope of the more preferential refund policy for “newly increased unutilized input VAT” to small and micro-sized businesses in all sectors and medium and large-sized businesses in specified sectors. Prior to Bulletin 14, such refunds were available only to certain manufacturing businesses. Bulletin 14 also allows qualifying businesses a one-off refund of any unutilized input VAT incurred prior to 1 April 2019. Bulletin 14 is effective as from 1 April 2022.

Source Deloitte

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