China’s Ministry of Finance and the State Administration of Taxation have issued three sets of guidance that accelerate the schedule for certain taxpayers to receive a refund of excess input VAT (Circular [2022] No. 17 issued on 17 April 2022, Circular [2022] No. 19 issued on 19 May 2022 and Circular [2022] No. 21 on 7 June 2022). The policies in the circulars—which apply as from the date the relevant circular was issued—aim primarily to boost cash flow, mitigate other economic burdens on businesses and enhance policies to ensure stable growth.
Source BDO
