China Plans Large-Scale VAT Credit Refunds

China will implement value-added tax (VAT) credit refunds on a large scale to provide strong underpinnings to keep the operation of market entities stable and maintain job security, as part of effort to sustain stable macroeconomic performance, a State Council executive meeting chaired by Premier Li Keqiang decided on Monday.

The meeting also decided to adopt holistic approaches to anchor market expectations and maintain steady and healthy development of the capital market, Xinhua reported, adding that the value added tax credit refund this year is worth around 1.5 trillion yuan (US $235.56 billion).

Read the full report: Xinhua.

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.