The VAT credit refund policy has been effective in stabilizing and bail-out, effectively alleviating the difficulties of enterprises, according to a nationwide survey conducted recently by a third-party research agency on 42619 tax-paying enterprises of different industries, scales and registration types, the State Administration of Taxation said on Monday.
Judging from the survey data, the awareness rate of taxpayers on the implementation of the large-scale VAT credit refund policy is as high as 99.8%, indicating that the policy publicity has a wide coverage and a high reach rate, laying a solid foundation for the full implementation of the policy.
Contactless tax processing has become the mainstay. Most taxpayers submit tax refund applications through the electronic tax bureau, and 74.4% of taxpayers complete tax refunds through the Internet.
94.6% of the taxpayers indicated that they could receive tax refunds within 5 working days after submitting their applications, indicating that the departments of taxation, finance, treasury and other departments are highly efficient in cooperating.
According to the survey, the tax rebate funds have effectively relieved the cash flow pressure of enterprises. Over 60% of large enterprises have received tax refunds of more than 5 million yuan, and over 70% of medium-sized enterprises have received tax refunds of more than 500,000 yuan.
65.6% of small and micro enterprises said that the VAT credit refund has played a prominent role in resolving their survival pressure against the backdrop of the covid-19 epidemic.
As of June 25, a total of 1.82 trillion yuan of value-added tax credit has been refunded to businesses, an official said on Thursday.
