China: New VAT refund policy
Effective September 1, 2025
China's Ministry of Finance and State Taxation Administration in August 2025 issued Announcements No. 7 and No. 20 introducing a new value added tax (VAT) refund policy effective September 1, 2025.
The policy allows general VAT taxpayers in priority sectors to apply for monthly refunds, while real estate and other sectors have specific conditions for refund eligibility based on input credit balances and compliance ratings.
For more information, contact a KPMG tax professional in China:
Fiona Yu | fiona.yu@kpmg.com