As of 29 September 2026, the State Taxation Administration announced that the VAT credit refund policy, implemented one year ago, has processed cumulative refunds of 281.8 billion yuan. The policy targets advanced manufacturing, R&D-intensive enterprises, and small businesses to alleviate cash flow pressures. The STA highlighted that the policy has effectively supported targeted sectors and contributed to economic stability.
Key Takeaways
- Massive Refund Volume: Over 281.8 billion yuan in VAT credit refunds have been disbursed, benefiting millions of enterprises nationwide.
- Targeted Sector Support: Advanced manufacturing and high-tech industries received the largest share, aligning with national industrial upgrading goals.
- Streamlined Administration: The STA emphasized simplified application procedures and risk-based verification to accelerate refunds while preventing fraud.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement