A staff member introduces the tax refund policies to an enterprise manager at the government service center in Haikou, Hainan province on March 21, 2022. (Photo /VCG)
China's tax department continuously accelerated the export tax refund this year, offering powerful support for the steady growth of foreign trade, Securities Times reported.
From the beginning of this year to Nov 10, the total tax refund, as well as tax exemption, reached 1.64 trillion yuan ($227.84 billion), up 14.9 percent year-on-year.
From the beginning of this year to Nov 10, the total tax refund, as well as tax exemption, reached 1.64 trillion yuan ($227.84 billion), up 14.9 percent year-on-year
The State Taxation of Administration said it has released a series of new policies to improve the tax refund efficiency, further relieving enterprises' pressure.
ALSO READ: China further eases corporate burden with tax, fee support
For example, companies can apply for the export tax refund online, with 430,000 paper documents streamlined for 49,000 companies, as of Nov 10.
ALSO READ: China EximBank increases loans to foreign trade industry
The average export tax refund time has been reduced to six working days this year, and for enterprises with credit worthiness, the time has been further cut to three working days.
READ MORE: China to impose consumption tax on e-cigarettes
At the same time, the tax department also enhanced cracking down on tax fraud on a regular basis.
Cai Zili, chief auditor of the STA, said tax losses of 33.43 billion yuan have been retrieved since the beginning of this year.