20 August 2018

Certain Chinese input VAT receivables may be refundable

China's Ministry of Finance and the State Administration of Taxation jointly released Circular 70. Under Circular 70, effective from June 27, accumulated uncredited input value added tax (VAT) balances, i.e., VAT receivables, for 18 industries, including advanced manufacturing and some of modern service industries as well as the power-grid enterprises, may be refundable.

An Indirect Tax Services group Alert, attached below, provides additional details.

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ATTACHMENT

Document ID: 2018-1660