Value-added tax: In the first year of the new policy, a cumulative total of 281.8 billion yuan in excess input VAT credits was refunded.

The VAT credit refund policy has been in effect for one year, with a cumulative total of 281.8 billion yuan in refunds processed nationwide, according to the State Taxation Administration. Among these, four key sectorsmanufacturing, scientific research, software, and ecological industrieshave benefited significantly, receiving a cumulative total of 212 billion yuan in VAT credit refunds. Value-added tax