Extension of the policy for refunding excess input VAT credits to more industries

During an executive meeting held on 23 May 2022, China’s State Council decided on a package of measures to stabilize the economy. According to an English-language release on the meeting, the package contains 33 measures including:

• Extension of the policy for refunding excess input VAT credits to more industries, which is expected to increase refunds by over CNY 140 billion yuan;