China's VAT credit refunds exceed 800 bln yuan in April

China's value-added tax (VAT) credit refunds reached 801.5 billion yuan (about 119 billion U.S. dollars) in April, official data showed Tuesday.

The refunds benefited over 1.45 million taxpayers during this period, according to the State Taxation Administration.

To improve the cash flow of enterprises, promote consumption-driven investment, and further improve the system for refunding VAT credits, China boosted its VAT credit refunds this year, with newly added credits fully refunded on a monthly basis starting from April 1.

The country's total VAT credit refunds will reach approximately 1.5 trillion yuan this year, with priority to be given to micro and small firms and the manufacturing industry.