China's Ministry of Finance and State Administration of Taxation have jointly issued Announcement No. 7 of 22 August 2025 for the introduction of a new VAT refund policy. The State Administration of Taxation also issued Announcement No. 20 of 22 August 2025, which further details the implementation of the new policy. Both announcements enter into force on 1 September 2025. Under the new policy, general VAT taxpayers may apply for a refund of excess input tax credits at the end of prescribed…