Market Performance - On June 16, 2025, A-shares experienced a slight rebound with the Shanghai Composite Index closing at 3388.73 points, up 0.35% [1] - The Shenzhen Component Index closed at 10163.55 points, up 0.41%, while the ChiNext Index closed at 2057.32 points, up 0.66% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.22 trillion yuan, a decrease of 252.2 billion yuan compared to the previous trading day [1] - Hong Kong stocks opened lower but closed higher, with the Hang Seng Index rising 0.7% to 24060.99 points and a total trading volume of 229.24 billion HKD [1] - The Hang Seng China Enterprises Index increased by 0.86% to 8729.99 points, and the Hang Seng Tech Index rose by 1.15% to 5299.91 points [1] - In the US market, all three major indices closed higher, with the S&P 500 up 0.94% to 6033.11 points, the Nasdaq Composite up 1.52% to 19701.21 points, and the Dow Jones Industrial Average up 0.75% to 42515.09 points [1] Policy Update - The Ministry of Finance announced that starting from July 1, 2025, Dalian and Hubei will implement a tax refund policy for overseas travelers shopping [3] - This policy is based on various regulations and has been approved by the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration [3]

Core Viewpoint - The article discusses the recent amendments to the "Management Measures for Tax Refunds for Departing Tourists," aimed at facilitating tax refunds for foreign travelers and enhancing their consumption in China [1][2]. Summary by Relevant Sections Changes in Tax Refund Policy - The amendments include four main changes: 1. Relaxation of the registration conditions for tax refund stores 2. Decentralization of the registration level for tax refund stores 3. Reduction of the minimum purchase amount for tax refunds 4. Increase in the cash refund limit [2]. Relaxation of Registration Conditions - The tax credit level requirement for tax refund stores has been relaxed from "A and B levels" to "A, B, and M levels," allowing new stores to qualify as tax refund stores if they meet other relevant regulations [2][11]. Decentralization of Registration Level - The registration process for tax refund stores has been simplified by allowing them to register with the local tax authority instead of the provincial tax bureau, improving efficiency [2][12]. Reduction of Minimum Purchase Amount - The minimum purchase amount for tax refunds has been lowered from 500 RMB to 200 RMB, enabling travelers to claim refunds on purchases that meet this new threshold [4]. Increase in Cash Refund Limit - The cash refund limit has been increased from 10,000 RMB to 20,000 RMB, allowing travelers to receive cash refunds for amounts below this new limit, while bank transfer refunds remain unlimited [6].

Core Viewpoint - The article discusses the improvements made by the State Taxation Administration to enhance the convenience of tax refunds for overseas travelers, specifically promoting the "immediate refund upon purchase" service in Ningbo [1]. Group 1: Eligibility and Conditions for Tax Refund - Overseas travelers eligible for tax refunds must meet the following conditions: - The total amount of tax refund items purchased in the same store on the same day must reach 200 RMB [4]. - The purchased items must not have been used or consumed [4]. - The departure date must be within 90 days of the purchase date [4]. - The items must be carried by the traveler or checked in for departure [4]. - For the "immediate refund upon purchase" service, additional conditions include: - The store must be part of the Ningbo initiative for this service [4]. - The traveler must promise to leave within 25 days of the purchase and hold a credit card capable of pre-authorization [4][5]. Group 2: Refund Calculation - The tax refund amount is calculated based on the sales invoice amount (including VAT) of the items being taken out of the country. The formula is: - Refund Amount = Sales Invoice Amount (including VAT) × Refund Rate - Refund Agency Handling Fee [5]. - The refund rates are as follows: - For items with a VAT rate of 13%, the refund rate is 11% [5]. - For items with a VAT rate of 9%, the refund rate is 8% [5]. Group 3: Refund Process - The refund process involves three main steps: 1. Purchase of tax refund items and obtaining the refund application form and sales invoice from the store [6]. 2. Customs verification at the departure port, where travelers must present the items, application form, sales invoice, and identification [6][7]. 3. Submission of documents to the tax refund agency for processing [7]. - For the "immediate refund upon purchase" service, the store must handle credit card pre-authorization and issue the refund application form at the time of purchase [7].

Core Points - The announcement modifies the "Management Measures for Tax Refunds for Foreign Travelers' Shopping (Trial)" to enhance the inbound consumption of foreign travelers [1][6] - The changes include adjustments to the definitions, procedures, and requirements for tax refund stores and the tax refund process [2][3] Group 1: Modifications to Regulations - The first article is revised to align with the State Council's decision on implementing tax refunds for foreign travelers [1] - The definition of tax refund stores is clarified, specifying that they must be registered with the competent tax authority [1] - The tax credit levels required for businesses to qualify as tax refund stores are specified as A, B, or M levels [1][2] Group 2: Application and Documentation Changes - The threshold for a single purchase by a foreign traveler in a tax refund store to qualify for a refund is set at 200 RMB [2] - The basis for calculating the refundable VAT amount is updated to include the sales invoice amount and the specified refund rate [2][3] - The maximum amount for tax refunds has been increased from 10,000 RMB to 20,000 RMB [3] Group 3: Operational Procedures - Tax refund stores must submit a registration form to the competent tax authority, which will verify the conditions within five working days [1][2] - The process for issuing tax refund application forms to travelers is detailed, including the requirement for valid identification and invoice verification [17][19] - Refund agents must maintain accurate records and submit monthly reports to the competent tax authority regarding the tax refunds processed [26][27]

Core Points - The State Taxation Administration has revised the "Management Measures for Tax Refunds for Overseas Tourists' Shopping (Trial)" [1] - The amendment includes increasing the minimum purchase amount for tax refunds from 1,000 RMB to 2,000 RMB for the same overseas tourist in the same store on the same day [1] - The changes aim to streamline the tax refund process and potentially boost consumer spending among overseas tourists [1]