Core Viewpoint - China has made a significant policy adjustment regarding the value-added tax (VAT) refund system, becoming more cautious about refunds to reduce fiscal pressure and improve management efficiency [3][4]. Summary by Sections VAT Refund Policy Adjustment - The Ministry of Finance and the State Taxation Administration announced a new VAT refund policy effective from September, aimed at enhancing policy precision and reducing compliance costs [3][4]. - The VAT is China's largest tax, generating over 6 trillion yuan annually [3]. Historical Context - Since 2011, China has piloted VAT refunds for specific industries to alleviate financial pressure on enterprises, with significant expansions in 2019 and 2022 [4][5]. - The total amount of VAT refunds surged to 2.46 trillion yuan in 2022, a 3.8-fold increase from 2021, as part of measures to support businesses during the pandemic [5]. Changes in Eligible Industries - The new policy continues to allow full monthly refunds for the manufacturing, scientific research, software, and environmental sectors, while imposing restrictions on previously eligible sectors like wholesale and retail [6][10]. - Industries such as wholesale, retail, agriculture, and hospitality will now receive partial refunds (60% or 30%) instead of full refunds [6][10]. Real Estate Sector Provisions - The real estate sector has a separate VAT refund policy, allowing developers to apply for refunds under specific conditions, maintaining stability in the sector [7][9]. - The policy aims to support the real estate market amidst ongoing challenges, with a focus on maintaining operational stability [8][9]. General Industry Adjustments - Other industries not included in the specified categories will face stricter requirements for VAT refunds, including a minimum threshold of 500,000 yuan for new refundable amounts [10][11]. - The new policy reflects a shift from broad tax cuts to more targeted fiscal measures, addressing the need for fiscal sustainability and risk prevention [10][11]. Implementation and Management - The State Taxation Administration has issued detailed guidelines to ensure the effective implementation of the new VAT refund policy [11]. - Tax revenue data indicates a slight decline in overall tax income, with VAT revenue showing a modest increase of 3% year-on-year [11].

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have announced improvements to the VAT refund policy for retained tax credits, particularly benefiting manufacturing, scientific research, technology services, software, and environmental protection industries, with full monthly refunds starting from September 2025 [1][2]. Group 1: Policy Changes - The new policy allows for full monthly refunds of retained tax credits for specific industries, while other sectors will have refunds based on certain conditions and ratios [1][2]. - The policy aims to address the mismatch between input costs and sales revenue timing, which leads to retained tax credits [1]. Group 2: Conditions for Refund - To qualify for the VAT refund, most taxpayers must have a retained tax credit greater than zero for six consecutive months, with the sixth month's retained amount needing to exceed 500,000 yuan compared to the previous year [2]. Group 3: Policy Flexibility - Taxpayers can choose between the VAT refund or an immediate tax collection policy, but once selected, they cannot change their choice for 36 months, promoting rational decision-making and reducing implementation costs [3].

□ 新华社记者 申 铖 此外，根据公告，纳税人还可以重新选择享受留抵退税或增值税即征即退、先征后返（退）政策，但一 旦选择后36个月内不得变更。 22日，财政部会同税务总局对外发布公告，明确了关于完善增值税留抵退税政策的多项安排。其中，对 制造业、科学研究和技术服务业、软件和信息技术服务业、生态保护和环境治理业等4个行业按月全额 退还期末留抵税额，并调整部分行业退税比例和条件。 梁季表示，为纳税人提供留抵退税或即征即退、先征后返（退）"二选一"的政策设计，一方面，给予纳 税人更多选择权，让纳税人可以根据经营实际择优选择适用政策，并加强风险防范；另一方面，有助于 更好维护政策的公平性，增强政策协同。设置36个月内不得变更，则有利于引导纳税人理性选择适用政 策，有助于降低政策实施成本，提高政策确定性。 近年来，我国持续完善增值税留抵退税政策。在业内人士看来，财税等宏观政策需要相机抉择、适时调 整。为适应经济社会发展新形势，此前因时因势阶段性实施的增值税留抵退税政策，也需要进一步调整 完善，建立起常态化留抵退税制度。 根据公告，可申请留抵退税的条件是：大多数行业的纳税人需在申请退税前连续6个月期末留抵税额均 大于零 ...

Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration outlines improvements to the VAT refund policy, particularly for specific industries, aiming to adapt to new economic conditions and establish a more regularized refund system [1][2]. Group 1: Policy Adjustments - From September 2025, the policy will allow full monthly refunds of end-of-period VAT credits for manufacturing, scientific research and technical services, software and information technology services, and ecological protection and environmental governance industries [1]. - Other industries will have specific conditions and proportions for VAT refunds, indicating a tailored approach to different sectors [2]. Group 2: Conditions for Refunds - To qualify for VAT refunds, most taxpayers must have a continuous end-of-period VAT credit greater than zero for six months, with the sixth month's credit needing to exceed 500,000 yuan compared to the previous year's end-of-period credit [2]. - This condition aims to manage "occasional" VAT credits and aligns with international practices, reducing management costs for both taxpayers and tax authorities [2]. Group 3: Policy Flexibility - Taxpayers will have the option to choose between VAT refunds or immediate VAT collection and subsequent refunds, enhancing their decision-making based on operational realities [3]. - Once a choice is made, it cannot be changed for 36 months, promoting rational decision-making and reducing implementation costs [3].

记者27日从税务总局获悉，今年以来，截至4月20日，我国实施的新的组合式税费支持政策累计已 为企业减轻税费负担和增加现金流1万亿元以上。主要包括三个部分：一是4月1日至20日，留抵退税到 企业账户金额已达4552亿元，加上一季度继续实施老的留抵退税政策退税1233亿元，今年1月1日至4月 20日累计办理留抵退税5785亿元。二是一季度全国新增减税降费1980亿元。三是一季度继续实施的制造 业中小微企业缓缴税费3335亿元。 业内指出，这些红利为企业特别是小微企业及个体工商户纾困解难、提振市场主体信心发挥了积极作 用。 "增值税留抵退税对我们企业来说是真正意义上的雪中送炭。"从提交退税申请到43.85万元退税资金到 账，内蒙古通辽市飓力恒实业有限公司法人黄晓平心中一块石头落了地。受疫情以及原材料涨价等因素 影响，该企业资金严重短缺，所辖科尔沁区税务局深入企业现场辅导财务人员提起退税申请，让"真金 白银"精准直达企业账户。"这笔退税资金不仅保障了企业订单供应生产，还维系了企业正常运转，帮助 我们解了燃眉之急。"黄晓平说。 记者获悉，为确保新的组合式税费支持政策特别是大规模留抵退税政策落实落地、落准落稳，税务部门 ...

Core Viewpoint - The article discusses the tax reduction policies for advanced manufacturing enterprises in China, highlighting a total tax reduction and refund amounting to 1,109.4 billion yuan for 2024, aimed at supporting high-quality development in the manufacturing sector [2]. Group 1: Tax Reduction Policies - The policy allows eligible taxpayers to apply for refunds of incremental and stock VAT credits, specifically targeting manufacturing and related industries [4]. - Relevant policies include announcements from the Ministry of Finance and the State Taxation Administration regarding the implementation of VAT refund policies [4]. Group 2: Eligible Industries - Eligible industries for the VAT refund include manufacturing, scientific research and technical services, electricity, heat, gas, and water production and supply, software and information technology services, ecological protection and environmental governance, and transportation, warehousing, and postal services [5]. - The definition of eligible enterprises includes those whose VAT sales in the specified industries exceed 50% of total VAT sales over the past 12 months [5]. Group 3: Conditions for Enjoying Benefits - Taxpayers must meet specific conditions to qualify for the VAT refund, including maintaining a certain level of sales in the eligible industries [6][7]. - The incremental VAT credit is calculated based on the difference between the current period's end credit and the credit as of March 31, 2019 [8]. Group 4: Calculation of Refundable VAT Credits - The formula for calculating refundable VAT credits includes both incremental and stock VAT credits, adjusted by the input composition ratio [10]. - Taxpayers must reduce their current period's VAT credits by the amount refunded [10]. Group 5: Application Process - The application process for VAT refunds involves several steps through the electronic tax bureau, including data pre-filling and submission of the application form [12][15].

Core Viewpoint - The article emphasizes the need for continuous reform in the fiscal and tax system to enhance the efficiency of fiscal governance and adapt to new economic realities [1] Group 1: Fiscal Policy Reforms - The Ministry of Finance is focusing on deepening fiscal and tax system reforms to better release fiscal governance efficiency [1] - There is a plan to develop opinions on establishing a modern budget system, which includes strengthening the integration and efficiency of budget management measures [1] - The enhancement of the fiscal transfer payment system aims to increase local financial autonomy [1] Group 2: Taxation Adjustments - The proposal includes advancing the collection of certain consumption taxes to local levels, which may optimize the tax structure [1] - There is an intention to improve the VAT refund policy for retained tax credits, aligning it with new business models [1] Group 3: Budget Management - The article highlights the importance of strengthening scientific management of finances, aiming for a more systematic, refined, standardized, and rule-of-law approach [1] - The Ministry of Finance is promoting zero-based budgeting reforms at the central department level to support local governments in implementing similar reforms [1]