Jiaxing enterprises benefit from tax refunds
As of May 31, the treasury departments of Jiaxing, Zhejiang had handled 33,400 cases related to value-added tax deductions or refunds, amounting to 15.06 billion yuan ($2.25 billion), according to local media reports.
As large-scale tax refund policies have been implemented in China to benefit market players affected by the COVID-19 pandemic since April, Jiaxing is striving to speed up the refund process to help solve financial difficulties faced by enterprises.
Aeneq (Zhejiang) Intelligent Equipment Co Ltd, a medium-sized enterprise specializing in semiconductors and display panels, was one of the beneficiaries of the value-added tax refund policies.
Due to the COVID-19 epidemic, the company's logistics were impeded and its supplies, production and marketing were affected. However, a total of 2.12 million yuan in tax refunds have shored up confidence and injected vitality into the development of the company, said Zhou Yongfang, a financial officer at the company.
In addition, the city's treasury departments have prolonged the service time to 7:30 pm, and now offer services on weekends and holidays, reducing queuing times for tax refunds.
In May, emergency value-added deductions and refunds handled by treasury departments at the municipal level after 5:00 pm amounted to 400 million yuan, benefiting more than 250 enterprises. Nearly 600 million yuan in tax refunds were processed during weekends and on holidays, benefiting more than 4,300 enterprises, said a high-level official of the Jiaxing treasury department.