Core Insights - The "May Day" holiday in China saw a significant surge in cultural and tourism consumption, driven by government policies optimizing the outbound tax refund system, which invigorated spending by inbound tourists and promoted Chinese goods abroad [1][3]. Group 1: Inbound Tourism Growth - The cross-border tourism market in China is experiencing a "dual-direction" trend, with inbound tourism showing explosive growth since 2025 [3]. - A recent report indicated that inbound travel orders on a major tourism platform increased by 173% year-on-year during the "May Day" holiday [3]. Group 2: Tax Refund Policy Enhancements - The newly implemented tax refund policy has lowered thresholds and broadened coverage, enhancing the appeal of "reverse purchasing" for inbound travelers [6]. - The policy allows travelers to obtain tax refunds through credit card pre-authorization, eliminating the need to queue upon departure, thus improving efficiency [6]. Group 3: Retail and Shopping Experience - More stores, including those selling local specialties and souvenirs, have been added to the tax refund system to attract foreign tourists [8]. - In Shenzhen, over 400 tax refund stores are now available, particularly in shopping districts and major shopping centers, with centralized refund points to streamline the process [8]. Group 4: Enhanced Consumer Experience - China is actively refreshing consumption scenarios to provide diverse experiences for foreign visitors, including the "Shopping in China" series of events that integrate shopping, tourism, culture, sports, and health [12]. - Various promotional activities and food events are encouraging both domestic and international consumers to explore Chinese cuisine and culture [12].

Group 1 - The relaxation of visa policies and the introduction of the "immediate refund" tax policy have significantly boosted the enthusiasm of foreign travelers for inbound tourism during the "May Day" holiday [1][2] - Jiangsu has become a popular destination for foreign tourists, with attractions such as cultural sites in Xuzhou and scenic spots in Suzhou drawing attention [1] - The shopping experience in Jiangsu, particularly in Wuxi, has been enhanced by the immediate refund policy, leading to increased foot traffic and sales in shopping centers [2][3] Group 2 - The "immediate refund" policy allows foreign travelers to process tax refunds at the point of purchase, saving time and improving the shopping experience [3] - The tax refund threshold has been lowered from 500 yuan to 200 yuan, and the cash refund limit has been increased from 10,000 yuan to 20,000 yuan, stimulating consumer spending [2][3] - The establishment of tax refund stores across multiple cities in Jiangsu has facilitated a smoother shopping experience for foreign tourists, with efforts made to provide multilingual support for tax refund instructions [3]

Group 1 - The 137th Canton Fair has attracted a record number of overseas buyers, with 224,372 attendees from 219 countries and regions, marking a historical high for the event [1] - The event is crucial for promoting international trade cooperation and economic development, as it draws numerous overseas merchants to China [1] - The Chinese government has optimized the departure tax refund policy, lowering the minimum refund threshold from 500 yuan to 200 yuan and increasing the cash refund limit from 10,000 yuan to 20,000 yuan [1] Group 2 - Overseas buyers have expressed appreciation for the departure tax refund policy, highlighting its importance in reducing travel costs and attracting more tourists to China [2] - Guangzhou has expanded its departure tax refund stores to 349, with over 15,000 key merchants accepting foreign cards, achieving a coverage rate of over 99.9% [2] - Various discount promotions and over 200 consumer activities have been organized in Guangzhou's major shopping districts to cater to Canton Fair attendees, enhancing the "exhibition+" effect [2] Group 3 - Many overseas buyers plan to continue shopping in Guangzhou after the fair, with some noting that prices in China, combined with the tax refund policy, can be 30%-40% cheaper than in their home countries [3]

Group 1 - The retail sales value in Hong Kong for March is estimated at HKD 30.1 billion, representing a year-on-year decline of 3.5%, although this decline is slightly narrowing [1] - The chairman of the Hong Kong Retail Management Association anticipates that after the second quarter, there may be a chance for sales to stabilize, with some months potentially recording slight increases [1] - Factors affecting April's retail performance include a low base from the previous year, increased outbound travel during the Easter holiday, and the impact of the global trade war on consumer sentiment [1] Group 2 - Approximately 30% of surveyed retailers expect an increase in sales, particularly in cosmetics, jewelry, and personal care, while 10% anticipate stable sales mainly in supermarkets and convenience stores [1] - A significant 60% of retailers expect a decline in sales, particularly in clothing, electronics, department stores, food, and furniture, with declines ranging from single to low double digits [1] - For May, the expected performance during the Labor Day holiday is anticipated to be better than regular weekends but not as strong as the previous year, with one-third of retailers expecting increases mainly in cosmetics and health foods [1] Group 3 - The chairman highlights two major economic factors impacting Hong Kong retail: concerns over the prolonged trade war affecting the stock market and economy, which could weaken consumer purchasing power [1] - The optimization of the outbound tax refund policy in mainland China is expected to increase the burden on Hong Kong's retail sector, potentially attracting more consumers from the mainland [2] - Retailers in Hong Kong are urged to transform, innovate new products, enhance services, and create new shopping experiences to adapt to the changing market conditions [2]

Group 1 - The article discusses the management of electronic invoices, including the process of issuing and managing invoices for both individuals and companies [3][4][6] - It highlights the ability to push electronic invoices to companies directly through a unified electronic tax bureau, emphasizing the convenience for corporate travelers [4][6] - The article specifies that paper tickets can still be reimbursed until September 30, 2025, and that electronic invoices and paper tickets cannot be issued simultaneously [6][12] Group 2 - The article outlines the process for foreign travelers to claim VAT refunds on eligible purchases made in tax refund shops, detailing the necessary documentation and steps involved [12][16] - It lists items that are not eligible for VAT refunds, including prohibited or restricted goods and certain tax-exempt items [13][14] - The refund calculation is based on the sales invoice amount and the applicable refund rate, with specific rates mentioned for different categories of goods [20][22]

瑞达期货研究院 「2025.04.30」 国债期货周报 期债分化严重，等待短端企稳 研究员 廖宏斌 期货从业资格号 F30825507 期货投资咨询从业证号 Z0020723 关 注 我 们 获取更多资讯 目录 1、行情回顾 2、消息回顾与分析 3、图表分析 4、行情展望与策略 周度要点总结 政策及监管： 1、4月28日，商务部等六部门进一步优化离境退税政策，将离境退税起退点从500元下调至200元，将现金退税限额从1万 元上调至2万元，且同步推动退税商店增量扩容、丰富退税商品供给、提高退税便捷度。2、4月28日，近日召开的中共中央政治局会议 提出，持续稳定和活跃资本市场。相比之前的表述，此次会议不仅强调"稳"，更突出"活"，这释放了明确的积极信号。3、"二套 转首套"可享受住房贷款利息个税专项扣除。4、4月29日，国家发改委下达今年第二批810亿元超长期特别国债资金，继续大力支持消 费品以旧换新。 基本面：1、国内:1）4月官方制造业PMI指数为49%，环比下跌1.5个百分点，景气水平有所回落。2）3月CPI同比下降0.1%，PPI同比下 降2.5%；3）3月金融数据小幅超预期，财政拨款加快，政府债有力支撑 ...

Core Viewpoint - The optimization of the departure tax refund policy is a strategic move to enhance consumption potential and promote high-level opening-up in China, injecting new momentum into the dual circulation of international and domestic markets [1][2]. Group 1: Policy Optimization - The recent notification from the Ministry of Commerce and other departments introduces eight policy measures aimed at expanding the number of tax refund stores, enriching the variety of tax refund products, and improving the service level of departure tax refunds [1][2]. - The departure tax refund policy is seen as a key measure to enhance the shopping experience for foreign travelers, addressing previous issues such as limited refund stores and product choices [1][2]. Group 2: Economic Impact - The optimization of the departure tax refund policy is expected to significantly boost inbound consumption, with a projected total expenditure of inbound travelers reaching $94.2 billion in 2024, reflecting a 77.8% increase [2]. - The departure tax refund effectively acts as a discount for foreign travelers, with a general tax refund rate of 11%, which can lower shopping costs and stimulate consumer enthusiasm [2]. Group 3: International Relations and Cultural Exchange - The optimized departure tax refund policy serves as an important link in promoting high-level opening-up and facilitating the dual circulation of international and domestic markets [3]. - By attracting more foreign visitors to shop and travel in China, the policy not only promotes economic exchanges but also helps to showcase Chinese culture and products globally [3]. Group 4: Implementation and Collaboration - Successful implementation of the policy requires collaboration among various stakeholders, with the Ministry of Commerce and related departments urged to accelerate policy execution and establish effective working mechanisms [3]. - Local governments are encouraged to create attractive shopping environments for foreign travelers, enhancing their experience and showcasing the charm of China [3].

4 月 29 日晚，中国中免正式公布了 2025 年 1 季度财报。由于不久前海豚投研刚详细点评过年度业绩，且 A 股季报披露的信息相当有限，本次就仅做一个简要的 快评： 1、最差时间已过？收入下滑趋于收窄 ：25 年一季度公司总收入 167.5 亿元，同比跌幅明显收窄到 11% 。虽然尚未完全扭转收入下滑的趋势，但相比之前 3 个季 度 20% 上下的收入跌幅，但 出现了初步的企稳迹象 ，最差的时间可能已经过去。 结合整体离岛免税行业的数据看，在海南旅游旺季、也是对免税行业最重要的 1 季度，海南岛接待游客数增长已同比回正到 6%。但 离岛免税购物人次和消费件数 仍同比分别下降了 28% 和 26%， 可见 "只看不买"、游客到消费者的转化率仍然偏低。 所幸 离岛免税客单价同比显著增长 19.5% 到 1,153 元， 在 持续的免税品销售结构逐渐向高价商品倾斜 的帮助下，虽然销售量仍比较萎靡， 本季离岛免税的销售 额同比跌幅已收窄到 11% 。相比先前 3 个季度 40% 上下的同比跌幅也是显著好转，同样呈现出最差情况已过的信号。 2、毛利率跌幅同样企稳： 伴随着营收跌幅的缩窄，中免在去年四季度呈现的重要 ...

Investment Rating - Industry rating: Recommended [3] Core Insights - The Ministry of Commerce and six other departments have issued a notification to optimize the departure tax refund policy, aiming to enhance inbound consumption and better meet the shopping tax refund needs of foreign travelers [1][2] - The notification includes three main aspects: expanding the number of departure tax refund stores, enriching the supply of tax refund products, and improving the service level of departure tax refunds [4][5] Summary by Sections Expansion of Departure Tax Refund Stores - Measures include optimizing the layout of departure tax refund stores and relaxing the registration conditions for new stores to become tax refund stores [4][5] Enrichment of Tax Refund Product Supply - The minimum tax refund threshold has been lowered to 200 RMB from 500 RMB, and there will be an increase in the variety of high-quality tax refund products available [4][5] Improvement of Tax Refund Service Levels - Enhancements include optimizing the tax refund process, improving the services of tax refund agencies, and increasing the cash refund limit to 20,000 RMB [4][5] Investment Recommendations - Inbound tourism consumption is expected to become a significant supplement to domestic demand, benefiting quality domestic products, travel retailers, and the hotel industry in the long term [6] - Recommended companies include travel industry leader Zhongxin Tourism, hotel beneficiaries such as Junting Hotel and Shoulu Hotel, and retail beneficiaries like Wangfujing and Chongqing Department Store [6]

企业统一给员工体检，发生的体检费用支出能否在企业所得税税前扣除？ 答：根据《 中华人民共和国 企业所得税法实施条例》第四十条规定，企业发生的职工福利费支出，不超过工资、薪金总额 1 4%的部分，准予扣除。《国家税务总局关于企业工资薪金及职工福利费扣除问题的通知》(国税函〔200 9〕3号)第三条规 定，《实施条例》第四十条规定的企业职工福利费，包括以下内容：（二）为职工卫生保健、生活、住房、交通等所发放的各 项补贴和非货币性福利，包括企业向职工发放的因公外地就医费用、未实行医疗统筹企业职工医疗费用、职工供养直系亲属医 疗补贴、供暖费补贴、职工防暑降温费、职工困难补贴、救济费、职工食堂经费补贴、职工交通补贴等。 欢迎扫描下方二维码关注： 因此，员工体检费用可以按照职工福利费的相关规定在税前限额扣除。 企业向劳务派遣员工发放的福利费可以税前扣除吗? Answer 答： 根据《国家税务总局关于企业工资薪金和职工福利费等支出税前扣除问题的公告》(国家税务总局公告2015年第3 4号)第 三条的规定，企业接受外部劳务派遣用工所实际发生的费用，应分两种情况按规定在税前扣除：按照协议（合同）约定直接支 问题一 Answer ...