Data released by the State Taxation Administration on August 26 showed that since the implementation of the large-scale VAT credit refund policy on April 1, there has been 2,013.1 billion yuan of tax refund returned to taxpayers' accounts by August 15. Adding the implementation of the previous 123.3 billion yuan of the old tax credit refund policy in the first quarter, a total of 2,136.4 billion yuan of tax refund has been returned to taxpayers' accounts. The task of centralized large-scale refund of retained tax credits has been completed.

This year, the scale of tax credit refund has exceeded the sum of the previous three years. The number of tax credit refund business handled by tax authorities in the second quarter has significantly exceeded that of the same period last year. The average time from application to account for eligible enterprises to get their tax refunds has been significantly compressed compared with the same period last year. In order to ensure the accurate deposit of tax refund, local tax authorities have comprehensively upgraded the application systems such as electronic tax bureau, and established a unified national publicity and guidance label system and a list of eligible taxpayers. The tax authorities will strengthen coordination, work closely with local governments and the People's Bank treasury, strengthen information sharing, and smooth the "last mile" of policy implementation.