VAT Credit Refund for Large Enterprises

The Ministry of Finance ("MOF") and the State Taxation Administration ("STA") have jointly issued the Announcement on Further and Continuously Accelerating the Implementation of the End-of-Period Excess Input Value-Added Tax Credit Refund Policies (the "Announcement").


The Announcement requires refunding the existing vat credits for large enterprises in advance, adjusting the provisions "starting from the tax filing period of October 2022, an eligible large enterprise in the manufacturing and other sectors may apply to the competent tax authority for a lump-sum refund of its existing VAT credit amount" in Item 2 Article 2 of the Announcement of the Ministry of Finance and the State Taxation Administration to Further Step up the Application of End-of-Period Excess Input Value-Added Tax Credit Refund Policies to read "starting from the tax filing period of June 2022, an eligible large enterprise in the manufacturing and other sectors may apply to the competent tax authority for a lump-sum refund of its existing VAT credit amount". By June 30, 2022, existing VAT credits of large enterprises shall be refunded to them in a centralized manner on the basis on voluntary application.


Source: http://szs.mof.gov.cn/zhengcefabu/202205/t20220518_3811434.htm

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