On April 1, 2019, China’s Ministry of Finance (MOF) and State Administration of Taxation (SAT) released the Announcement on Relevant Policies for Deepening Value-Added Tax Reform (Announcement [2019] No. 39).
For the first time, the Announcement No.39 sets the policy for the refund of end-of-period value-added tax (VAT) credit – the overpaid input VAT at the end of each taxable period. The policy is applicable for general VAT taxpayers in all industries in China.
On September 4, the MOF and SAT released another Announcement on the Policy for the Refund of End-of-Period VAT Credit for Some Advanced Manufacturing Taxpayers (Announcement [2019] No.84).
Unlike the Announcement No.39, which targeted general industry taxpayers, Announcement No.84 specifies a similar but more relaxed tax refund policy for “some advanced manufacturing taxpayers”.
Source: china-briefing.com
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