$22.62 billion worth of VAT rebated in Zhejiang

Updated: Jul 14, 2022 Print
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According to the latest figures released by authorities in East China's Zhejiang province, 152.35 billion yuan ($22.62 billion) worth of value-added tax was refunded to 218,600 enterprises from April 1 to June 30 this year.

The scale of the rebate is among the biggest in the country.

Since the beginning of 2022, authorities in Zhejiang have released a series of policies to help enterprises overcome the challenges caused by the COVID-19 epidemic.

Small and micro enterprises have been the biggest beneficiaries of these policies. As of the end of May, 170,000 SMEs received tax refunds amounting to 61 billion yuan.

Among these companies is Zhejiang Hengshoutang Pomelo Fruit Company, which received 1.13 million yuan in value-added tax rebates and a deferral for 250,000 yuan worth of taxes and fees. These reduced taxes and fees have in turn allowed the company to create two new production lines.

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