- China introduces a real-time VAT refund system for foreign tourists.
- The new system allows immediate VAT refunds at designated retailers.
- This replaces the previous refund-upon-departure model.
- The reform aims to simplify processes and improve refund timelines.
- It is expected to boost domestic consumption among foreign visitors.
Source: vatcalc.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
