Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
BEIJING, June 16 (Xinhua) — Chinese authorities will implement a policy of refunding value-added tax (VAT) to foreign tourists leaving the country in northeast China’s Dalian City and central China’s Hubei Province from July 1, the Ministry of Finance said Monday.
The policy allows foreign tourists to receive VAT refunds for eligible purchases made at covered stores before leaving China. Relevant regions can implement the policy after applying to relevant government agencies.
China began implementing the VAT refund policy for foreign tourists upon exiting the country in 2015. Since then, the scale of the tax refund has increased annually, benefiting more and more overseas travelers.
On April 27 this year, China adopted a package of measures to streamline this policy, including measures to lower the minimum purchase amount for refund, increase the maximum cash back amount, expand the network of participating stores, and expand the range of products covered by the return policy.
In addition, China is promoting a VAT refund model at the time of purchase, allowing tourists to receive refunds directly at retail points of sale without waiting until they leave the country.
According to official data, from April 27 to May 26, the number of exit VAT refund transactions processed by China’s tax authorities increased by 116 percent compared with the same period last year, while sales at eligible stores increased by 56 percent. –0–