China’s export tax refund and exemption reach 1.64tr yuan

China's tax department continuously accelerated the export tax refund this year, offering powerful support for the steady growth of foreign trade, Securities Times reported.

From the beginning of this year to November 10, the total tax refund, as well as tax exemption, reached 1.64 trillion yuan ($227.84 billion), up 14.9 per cent year-on-year.

The State Taxation of Administration said it has released a series of new policies to improve the tax refund efficiency, further relieving enterprises' pressure.

For example, companies can apply for the export tax refund online, with 430,000 paper documents streamlined for 49,000 companies, as of November 10.

The average export tax refund time has been reduced to six working days this year, and for enterprises with credit worthiness, the time has been further cut to three working days.

At the same time, the tax department also enhanced cracking down on tax fraud on a regular basis.

Cai Zili, chief auditor of the STA, said tax losses of 33.43 billion yuan have been retrieved since the beginning of this year.