Core Viewpoint - The new policy on VAT end-period tax refund will be implemented starting September 1, 2025, aimed at providing support to specific industries and taxpayers [4]. Group 1: New VAT End-Period Tax Refund Policy - The policy will take effect from September 1, 2025 [4]. - Eligible industries for tax refund include manufacturing, scientific research and technical services, software and information technology services, ecological protection and environmental governance, and real estate development [4][5]. Group 2: Eligibility Criteria for Tax Refund - Taxpayers in the specified industries must have VAT sales from these sectors exceeding 50% of their total VAT sales to qualify for the refund [6]. - For real estate developers, the VAT sales and prepayments must also exceed 50% of total VAT sales [7][8]. Group 3: Conditions for Application - Applicants must have an A or B tax credit rating and must not have committed tax fraud or been penalized for tax evasion in the past 36 months [11]. - The VAT sales amount includes declared sales, adjusted sales from audits, and assessed sales [12]. Group 4: Calculation of Refundable Tax Amount - The refundable tax amount for eligible taxpayers is calculated based on the end-period tax amount and the proportion of deductible input tax [13][15][18]. - Specific formulas are provided for different categories of taxpayers to determine the refundable amount based on their sales and prepayments [15][18]. Group 5: Interaction with Other Tax Policies - Taxpayers who have already received VAT refunds since April 1, 2019, cannot apply for the immediate refund or deferred refund policies unless they return the previously refunded amounts [22][23].

Core Viewpoint - The announcement by the State Taxation Administration outlines the procedures and requirements for handling the VAT end-of-period tax refund, aiming to standardize the process and improve efficiency for eligible taxpayers [2][31]. Summary by Sections Section 1: Application Process - Taxpayers must submit the "Tax Refund Application Form" through the electronic tax bureau or tax service hall within the VAT filing period of the month following the eligibility for the refund [2][33]. - Taxpayers can apply for both exempt and refund tax in the same filing period if they export goods or provide cross-border services [2][3]. Section 2: Eligibility Criteria - Taxpayers must have a credit rating of A or B and must not have committed significant tax violations in the past 36 months to qualify for the refund [34]. - Specific industries such as manufacturing, scientific research, software, and ecological protection are eligible for monthly applications, while real estate developers can apply for a refund of 60% of the new excess tax compared to the end of March 2019 [32][36]. Section 3: Calculation of Refund Amount - The refund amount is calculated based on the end-of-period tax balance and the proportion of deductible input tax [44]. - For real estate developers, the refund is based on the increase in tax balance compared to March 31, 2019, multiplied by 60% [45]. Section 4: Review and Notification - Tax authorities are required to process refund applications within 10 working days and notify taxpayers of the results [6][8]. - If any tax risk indicators are identified, the processing of the refund may be suspended until the issues are resolved [4][6]. Section 5: Reapplication and Refund Recovery - Taxpayers can reapply for refunds if they meet the conditions after resolving any identified issues [4][41]. - If a taxpayer needs to return previously refunded amounts, they must submit a "Return of Tax Refund Application Form" [27][28].

Core Points - The Ministry of Finance and the State Taxation Administration announced a new policy regarding the refund of end-of-period VAT credits, effective from September 2025 [1][2] Group 1: Policy Details - Eligible general VAT taxpayers in the manufacturing, scientific research and technical services, software and information technology services, and ecological protection and environmental governance sectors can apply for monthly refunds of end-of-period VAT credits [1] - Real estate developers can apply for a refund of 60% of the newly increased end-of-period VAT credits for the sixth month if their new credits have been greater than zero for six consecutive months and the sixth month's new credits are not less than 500,000 yuan [1] - Other taxpayers, excluding those in the specified sectors, can apply for a refund of newly increased VAT credits if they meet certain conditions, with a refund rate of 60% for amounts up to 100 million yuan and 30% for amounts exceeding 100 million yuan [2] Group 2: Eligibility Criteria - Taxpayers must have a credit rating of A or B, must not have committed tax fraud or been penalized for tax evasion in the past 36 months, and must not have benefited from certain VAT refund policies since April 1, 2019 [2]

Economic Performance - Shenzhen's GDP for the first half of 2025 reached 1832.226 billion yuan, with a year-on-year growth of 5.1% [1] - The primary industry added value was 1.033 billion yuan, growing by 2.8%; the secondary industry added value was 650.556 billion yuan, growing by 3.3%; and the tertiary industry added value was 1180.637 billion yuan, growing by 6.1% [1] Industrial Growth - The city's industrial added value above designated size grew by 4.3%, with a slight acceleration of 0.1 percentage points compared to the first quarter [1] - High-tech product output saw significant growth, with civil drones, industrial robots, and 3D printing equipment increasing by 59.0%, 38.0%, and 35.8% respectively [1] Service Sector - The added value of the service industry was 1180.637 billion yuan, with a year-on-year growth of 6.1%, also accelerating by 0.1 percentage points from the first quarter [1] - Key sectors such as finance, transportation, and information technology services grew by 10.9%, 9.0%, and 8.1% respectively [1] Investment Trends - Fixed asset investment in Shenzhen saw infrastructure investment grow by 7.7% and industrial technological transformation investment grow by 47.1% [1] - Investment in information transmission, software, and IT services surged by 47.7%, while transportation and postal services grew by 32.5%, and scientific research and technical services increased by 21.7% [1] Consumer Market - The total retail sales of social consumer goods reached 494.868 billion yuan, with a year-on-year increase of 3.5%, accelerating by 0.4 percentage points from the first quarter [2] - The total import and export volume was 2167.545 billion yuan, with a year-on-year decline of 1.1%, but the decline was narrowed by 1.7 percentage points compared to the first quarter [2] - High-tech product exports grew by 8.0% [2] Financial Sector - As of the end of June, the balance of deposits in financial institutions (including foreign capital) was 14160.014 billion yuan, with a year-on-year growth of 5.7% [2] - The balance of loans in financial institutions (including foreign capital) was 9846.991 billion yuan, with a year-on-year growth of 3.5% [2] Price Trends - The consumer price index in Shenzhen increased by 0.1% compared to the same period last year [3]

Group 1 - The implementation of the "Two New" policies in Qinghai Province has effectively stimulated investment and consumer confidence from May 2024 to May 2025 [1] - Key sectors such as non-ferrous metals and steel industries saw significant increases in equipment purchases, with invoice amounts rising by 2.8 times and 92.1% respectively [1] - The overall sales revenue in key sectors increased by 4.3% year-on-year, surpassing the provincial average growth rate by 9.2 percentage points [1] Group 2 - The "old for new" consumption policy has led to a notable rise in retail sales of household appliances, with refrigerator sales increasing by 1.1 times and television sales by 36.6% [2] - Smart home products, particularly furniture and sanitary ware, experienced substantial growth, with sales increasing by 55.4% and 27.1% respectively [2] - The overall retail sales revenue in the province grew by 4.8% year-on-year, exceeding the provincial average growth rate by 9.7 percentage points, highlighting the role of consumption in driving economic growth [2]

Economic Growth - The GDP of Changchun New Area grew by 6.4% year-on-year in the first half of the year, outperforming the national, provincial, and municipal growth rates by 1.2, 0.7, and 0.7 percentage points respectively, and accelerating by 1.2 percentage points compared to the first quarter [1] - The industrial economy in Changchun New Area showed strong support, with the industrial added value of designated enterprises increasing by 9.7% year-on-year, exceeding the provincial and municipal growth rates by 1.9 and 2.1 percentage points respectively [3] Investment and Infrastructure - Fixed asset investment in Changchun New Area increased by 10% year-on-year, surpassing the city and province by 4.9 and 9 percentage points respectively, with a project resumption rate of 96.5% for projects over 50 million yuan [5] Consumer Market - The retail sales of consumer goods in Changchun New Area reached 5.56 billion yuan, growing by 8.3% year-on-year, which is higher than the provincial and municipal growth rates by 2.8 and 6 percentage points respectively [7] - The accommodation and catering sector saw a year-on-year increase of 16.7% in revenue [7] Service Sector - The income of the regulated service industry in Changchun New Area grew by 22.8% year-on-year, outpacing the city by 3.8 percentage points, with significant growth in emerging sectors such as internet services, leasing and business services, and scientific research and technical services [9]

Group 1: Equipment and Industry Performance - The implementation of large-scale equipment renewal policies has accelerated equipment updates in key sectors, leading to stable production growth [1] - In the period from May last year to May this year, the invoice amounts for machinery equipment purchases in the non-ferrous and steel industries increased by 2.8 times and 92.1% respectively [1] - The sales revenue from key sectors achieved a year-on-year growth of 4.3%, surpassing the provincial average growth rate by 9.2 percentage points [1] Group 2: Consumer Goods and Market Trends - The consumption of home appliances has increased significantly, with retail sales of refrigerators and daily household appliances rising by 1.1 times and 36.6% respectively [2] - The retail sales of smart home products, particularly furniture and sanitary ware, saw substantial growth, with increases of 55.4% and 27.1% respectively [2] - The "old-for-new" policy for automobiles has led to a year-on-year increase of 11.8% in new car retail sales across the province [2] - Overall, the retail sales revenue in the province grew by 4.8% year-on-year, exceeding the provincial average growth rate by 9.7 percentage points, highlighting the role of consumption in driving economic circulation and high-quality development [2]

Economic Overview - Shenzhen's economy showed overall stability and progress in the first five months of the year, with industrial production maintaining a steady growth of 3.5% year-on-year in the scale of above-designated size industries [1] - High-tech product output continued to grow rapidly, with significant increases in civilian drones (68.0%), 3D printing equipment (40.7%), and industrial robots (38.8%) [1] Investment Trends - Fixed asset investment in Shenzhen faced pressure, declining by 9.2% year-on-year, with real estate development investment down by 11.9% [2] - Industrial technology transformation investment surged by 48.2%, while information transmission, software, and IT service industries grew by 48.7% [2] - Social retail sales showed a notable recovery, with total retail sales reaching 411.59 billion yuan, a year-on-year increase of 4.7% [2] Consumer Behavior - The consumption of basic living goods performed well, with retail sales of daily necessities and grain and oil products increasing by 10.6% and 10.4%, respectively [2] - The "old for new" policy in consumer goods continued to show effectiveness, with significant growth in retail sales of home appliances (74.9%) and cultural office supplies (34.4%) [2] - Online retail also saw robust growth, with sales through the internet increasing by 25.6% [2] Foreign Trade - Shenzhen's total import and export value decreased by 1.9% year-on-year, with exports falling by 8.6% and imports rising by 10.1% [3] - High-tech product exports grew by 6.2%, indicating a positive trend in this sector despite overall declines [3] Financial Sector - Financial institutions in Shenzhen reported a steady increase in deposits and loans, with total deposits reaching 14 trillion yuan, a year-on-year growth of 5.0% [3] - The loan balance also increased by 2.9%, reflecting a stable financial environment [3] Price Trends - Consumer prices in Shenzhen experienced mild inflation, with an overall increase of 0.1% year-on-year [3] - Specific categories showed varied price changes, with food and beverage prices up by 0.7% and clothing prices up by 1.4% [3]

Economic Overview - The economy of Tai'an City is showing a stable and improving trend, with continuous efforts to implement various policies aimed at production, consumption, and growth [5] Industrial Production - The industrial production has slightly rebounded, with the added value of industrial enterprises above designated size increasing by 8.3% year-on-year from January to April, an increase of 0.3 percentage points compared to the first quarter [1] - The manufacturing sector leads with an added value growth of 10.8%, contributing 98.5% to the growth of industrial enterprises [1] - Among 37 major industrial categories, 25 achieved year-on-year growth, resulting in a growth coverage of 67.6% [1] - Out of 154 major industrial products, 79 saw an increase in production, with a growth coverage of 51.3% [1] Investment Trends - Fixed asset investment in Tai'an City grew by 5.8% year-on-year from January to April, with the primary industry increasing by 3.5%, the secondary industry by 26.7%, and the tertiary industry decreasing by 6.8% [1] - Industrial investment accelerated with a year-on-year increase of 26.6%, and manufacturing investment grew by 19.6% [2] - New momentum investments, particularly in high-tech industries, saw significant growth, with "Four New" investments increasing by 17.1% and high-tech industry investments rising by 47.6% [2] Consumer Market - The retail market showed positive growth, with retail sales of units above designated size reaching 16.92 billion yuan, a year-on-year increase of 13.2% [2] - Categories such as household appliances, food, and clothing saw substantial retail sales growth, contributing significantly to the overall retail sales increase [2] - The "old-for-new" policy has effectively boosted sales in sectors like automobiles and household appliances, with respective year-on-year growth rates of 8.9% and 45.2% [2] - Online retail sales also accelerated, achieving a year-on-year growth of 25.2%, contributing 13.7% to the overall retail growth [2] Service Sector - The service sector showed stable growth, with revenue from large-scale service enterprises reaching 8.99 billion yuan, a year-on-year increase of 7.0% [3] - Among 615 large-scale service enterprises, 379 reported positive revenue growth, resulting in a growth coverage of 61.6% [3] - The top 30 enterprises contributed significantly to the overall revenue growth of the service sector, accounting for 55.1% of total revenue [3] Fiscal and Financial Indicators - The general public budget revenue reached 10.63 billion yuan from January to April, a year-on-year increase of 5.5% [3] - Financial institutions reported a total deposit balance of 723.8 billion yuan, growing by 10.5%, and a loan balance of 519.53 billion yuan, increasing by 9.9% [3] - Total electricity consumption reached 95.0 billion kilowatt-hours, a year-on-year increase of 2.8%, with industrial and tertiary sector electricity consumption growing by 3.7% and 7.1%, respectively [3] Consumer Price Index - The Consumer Price Index (CPI) remained stable at 99.7, with a year-on-year decrease of 0.3% [4] - Among eight major categories, five saw price increases while three experienced declines [4]