China's New Tax Refund Policy Offers 11% Immediate Savings for Foreign Tourists

On April 8, China introduced a new policy allowing foreign tourists to receive immediate tax refunds upon purchase, known as "buy and refund." This policy aims to simplify the tax refund process, making it more convenient and attractive for foreign visitors. By moving the tax refund process to the point of purchase, the policy seeks to stimulate consumer spending and promote both domestic and international economic cycles.

In Yiwu, Zhejiang, a Turkish businessman named Mark was seen carefully selecting items in a local store. Mark, who frequently visits the region for business, expressed his satisfaction with the new policy. With the "buy and refund" system in place, he was able to receive an 11% value-added tax refund on the spot, highlighting the immediate benefits of the policy.

The new policy simplifies the traditional tax refund process, allowing foreign tourists to enjoy immediate benefits. Currently, Zhejiang has established 163 tax refund stores and additional service points in major tourist attractions and resorts, ensuring that visitors can easily access the refund service.

Hunan province recently launched its first "buy and refund" tax refund service for foreign tourists at the customer service center on the second floor of the Changsha Golden Center. Foreign tourists shopping at designated tax refund stores in Hunan can now receive their refunds on the spot, further enhancing the convenience of the shopping experience.

To qualify for the "buy and refund" tax refund service, foreign tourists must meet two conditions: they must have been in the country for no more than 183 days and plan to depart from Changsha or Zhangjiajie airports within 17 days. Additionally, the total purchase amount in a single day at a tax refund store must be between 500 and 50,000 yuan, ensuring that the policy benefits a wide range of consumers.

Chengdu, Sichuan, has also actively explored the "buy and refund" tax refund service model. This initiative has not only boosted the consumption enthusiasm of foreign tourists but also enhanced Chengdu's appeal as an international shopping destination. Last year, Chengdu's first centralized refund point was established in the Jinjiang District, moving the tax refund window to commercial complexes. Currently, Chengdu has 49 "buy and refund" stores, catering to the diverse shopping needs of foreign tourists.

The nationwide implementation of the "buy and refund" tax refund policy is expected to further enhance the attractiveness of China as a travel destination, fostering a more vibrant and consumer-friendly environment for foreign tourists. By streamlining the tax refund process and providing immediate benefits, the policy aims to stimulate consumer spending and promote both domestic and international economic cycles, ultimately contributing to the growth of China's travel industry.