What’s new: China has refunded almost twice as much in value-added tax so far this year as in the past three years combined as the government steps up support for businesses hurt by the slowing economy and Covid restrictions, according to the national tax authority.
VAT rebates to taxpayers totaled more than 2.3 trillion yuan ($325 billion) this year through Nov. 10, according to the State Taxation Administration. That exceeded VAT refunds totaling 1.2 trillion yuan from 2019 through 2021, government data showed.
