China Renews VAT Refund Program for Certain Entities

China recently announced it will renew a program offering full value-added tax refunds on “domestic equipment purchases” by certain approved mainland companies and “foreign invested” research and development centers, according to a Jan. 3 report from the Hong Kong Trade Development Council. The foreign-invested companies must be approved by China’s Commerce Ministry, the report said. The VAT program will continue until Dec. 31, 2020.