China VAT credit refunds top 420b yuan in first half of April

BEIJING - China's value-added tax (VAT) credit refunds topped 420.2 billion yuan ($65.9 billion) in the first half of April, data from the State Taxation Administration showed on Tuesday.

The refunds benefited 527,000 taxpayers in the period, according to the data.

To improve the cash flow of enterprises, promote consumption-driven investment, and further improve the system for refunding VAT credits, China is set to issue VAT credit refunds on a large scale in 2022, according to this year's government work report.

Tax refunds and cuts are expected to total 2.5 trillion yuan, while VAT credit refunds will account for 1.5 trillion yuan of the sum and will all go straight to enterprises, the government work report noted.