Core Viewpoint - The announcement from the Ministry of Finance, General Administration of Customs, and State Taxation Administration introduces a new VAT policy for offshore wind power products, effective from November 1, 2025, to December 31, 2027, allowing a 50% VAT refund for taxpayers selling self-produced electricity from offshore wind power [1][2]. Summary by Sections VAT Policy for Offshore Wind Power - From November 1, 2025, to December 31, 2027, a 50% VAT refund policy will be implemented for taxpayers selling self-produced electricity generated from offshore wind power [1]. Nuclear Power Tax Policy - Nuclear power units that officially commence commercial operation before October 31, 2025, will continue to follow existing VAT regulations as per previous notifications. For nuclear power units approved before this date but not yet operational, a VAT refund policy will apply for 10 years post-commercial operation, with a 50% refund on paid VAT [1]. - Nuclear power units approved after November 1, 2025, will not be eligible for the VAT refund policy [1]. Repeal of Previous Regulations - The announcement states that existing regulations inconsistent with this new policy will be superseded, and previous notifications regarding wind power VAT policies will be abolished starting November 1, 2025 [2].

Core Points - The announcement from the Ministry of Finance and other departments introduces a new VAT policy for offshore wind power products, effective from November 1, 2025, to December 31, 2027, allowing a 50% immediate VAT refund for taxpayers selling self-produced electricity from offshore wind [1][3] - Existing nuclear power plants that have officially commenced commercial operations before October 31, 2025, will continue to follow the previous VAT regulations as per the 2008 notice [1][3] - Nuclear power plants approved but not yet operational by October 31, 2025, will benefit from a VAT refund policy for 10 years post-commercial operation, with a 50% refund on paid VAT [1][3] - New nuclear power plants approved after November 1, 2025, will not be eligible for the VAT refund policy [1][3] - Previous regulations conflicting with this announcement will be superseded, and earlier notices regarding wind power VAT policies will be abolished from November 1, 2025 [3][4]