VAT credit refund policy benefits local firms

"This year, our company has received 109.16 million yuan ($15.7 million) in value-added tax (VAT) credit refunds," said Zhang Yuanhui, a general manager of a local company based in Qingzhen, Guiyang, Southwest China's Guizhou province.

Since the VAT credit refund policy was expanded, the Qingzhen bureau of finance has continued to roll out multiple tax refund and reduction measures to relieve pressure on market entities.

The government has established a joint work mechanism that involves staff members dealing with finance and tax affairs as well as those working in the bank. They were asked to hold meetings on a regular basis to address major problems existing in the VAT credit refund procedures.

Statistics show that from January to August of this year, Qingzhen refunded 938 million yuan to 534 taxpayers.