Zhongxin Finance, May 19th, according to the Ministry of Finance's website on the 19th, the Ministry of Finance and the State Administration of Taxation issued an announcement on further and continuously accelerating the implementation of the VAT refund policy at the end of the period, in order to further accelerate the release of the large-scale VAT refund policy. Bonus, the relevant policies are now announced as follows: 

  1. To refund the existing tax credits of large enterprises in advance, the "Announcement of the Ministry of Finance and the State Administration of Taxation on Further Strengthening the Implementation of the VAT Refund Policy at the End of the Period" (Announcement No. 14 [2022] of the Ministry of Finance and the State Administration of Taxation, hereinafter referred to as the No. 14 of 2022 Announcement No. 14) Article 2, Item 2 of "Qualified large-scale enterprises in the manufacturing industry and other industries can apply to the competent tax authority for a one-time refund of the existing tax credit from the tax filing period in October 2022" is adjusted to "eligible for large enterprises in the manufacturing industry and other industries." Large-scale enterprises in the manufacturing and other industries that meet the conditions can apply to the competent tax authorities for a one-time refund of the existing tax credits starting from the tax filing period in June 2022.”

Before June 30, 2022, on the basis of voluntary application by taxpayers, the existing tax credits of large enterprises will be refunded in a centralized manner.

  2. Finance and taxation departments at all levels should resolutely implement the decisions and arrangements of the CPC Central Committee and the State Council, fully understand the importance of implementing a large-scale tax refund policy, and in accordance with Announcement No. Announcement on the Implementation Progress of the Tax Refund Policy at the End of the Period" (Announcement No. 17 [2022] of the Ministry of Finance and the State Administration of Taxation) and the relevant requirements of this announcement, continue to speed up the progress of the tax refund of retained tax, and further accelerate the processing of tax refund of retained tax for small and micro enterprises and individual industrial and commercial households. On the basis of voluntary application by taxpayers, we will actively implement the tax refund policy of centralized refund of the existing tax refund before June 30, 2022.

At the same time, we will strictly guard against the risk of tax refunds, crack down on tax fraud, and ensure that retained tax refunds are refunded quickly, accurately, stably, and well.

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