The Chinese Ministry of Finance March 4 announced VAT support measures for struggling service industry companies. The announcement includes: 1) an extension to Dec. 31 of the implementation period of the additional tax deduction policy; 2) the suspension of VAT advance payments for specific aviation and railroad companies, effective Jan. 1 through Dec. 31; 3) the refund of VAT advances for the February 2022 tax period; and 4) an exemption for income earned through public transportation services, effective Jan. 1 through Dec. 31. [China, Ministry of Finance, 03/04/22]
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