Shenzhen, China, introduces immediate tourist refunds for purchases through foreign digital wallets
In a significant move to modernise and enhance the shopping experience for foreign visitors in China, the Chinese Ministry of Finance and the Consumption Tax Authority have introduced new regulations to improve the effectiveness of consumption tax refund policies. This initiative aims to streamline procedures and increase the convenience of tax refunds for outbound tourists and foreign purchasers.
At the heart of this transformation is Ant International, the global business arm of Ant Group, an affiliate of Alibaba Group Holding. The Shenzhen Taxation Bureau and the local branch of the People's Bank of China have partnered with Ant International's Alipay+ global payment platform to spearhead this change.
With the implementation of the new regulations, the lengthy process for tax refunds has been drastically reduced. What once took days is now completed in mere "seconds". The tax refund service in China now includes bank transfers as a method of refund, with no cap on bank transfers and a significantly increased cash refund ceiling of 20,000 yuan.
The minimum purchase threshold for tax refunds has also been lowered from 500 yuan to 200 yuan, making it easier for more shoppers to benefit from the service. Furthermore, the tax refund service is not limited to specific localities or stores, expanding its reach across China.
The service is initiated by scanning the Alipay+ QR code after completing a pre-authorisation check and obtaining a tax refund form. This streamlined process has been expanded to accommodate more purchases, making shopping in China even more appealing to international visitors.
Hong Kong users were the first to access the service through AlipayHK, with the partnership launching a tax refund service with Guangdong Huaxing Bank. The service is also available for inbound tourists, further boosting China's efforts to attract international visitors and stimulate consumption.
This expanded tax refund service is part of a broader effort by China to improve its business environment and make it more welcoming to foreign investors and tourists. As the global business arm of Ant Group, Ant International is playing a key role in this initiative, leveraging its Alipay+ platform to provide a seamless and efficient tax refund experience for all.
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