China's Ministry of Finance and State Administration of Taxation have jointly issued Announcement No. 21 of 2022, which expands the scope of industries eligible for the VAT refund policy as approved by the State Council at the end of May 2022. This expands the scope of industries under Announcement No. 14 of 2022, which provided that qualifying taxpayers may obtain a refund for excess input VAT credits on a monthly basis, as well as a one-time refund of the existing VAT credits. As per Annou…