Boosting Tourism and Consumption.China plans to accelerate the availability of tax refund stores for eligible overseas visitors to about 10,000 shops nationwide this year,almost tripling the current number,as the coun...Boosting Tourism and Consumption.China plans to accelerate the availability of tax refund stores for eligible overseas visitors to about 10,000 shops nationwide this year,almost tripling the current number,as the country continues to boost inbound tourism and consumption,a senior official said.展开更多
“This trip to China has been an absolute steal,”exclaimed Keiko,a Japanese tourist purchasing cosmetics through Shanghai International Finance Center’s immediate tax refund service.Her experience mirrors a broader ...“This trip to China has been an absolute steal,”exclaimed Keiko,a Japanese tourist purchasing cosmetics through Shanghai International Finance Center’s immediate tax refund service.Her experience mirrors a broader trend:Visitors from overseas are flocking to China’s retail scene,lured by its growing shopping convenience.On April 26,six government agencies,including the Ministry of Commerce,jointly issued the refined departure tax refund policy,slashing the minimum refund threshold from 500 yuan(US$69)to 200 yuan(US$28),doubling the cash refund limit from 10,000 yuan(US$1,376)to 20,000 yuan(US$2,752),and encouraging shopping districts,tourist attractions and hotels to increase the number of tax refund stores.展开更多
China introduces a range of policies aimed at elevating the role of consumption as a growth driver.Foreign tourists landing in China now have one more reason to spend.With the roll-out of a new“refund-upon-purchase”...China introduces a range of policies aimed at elevating the role of consumption as a growth driver.Foreign tourists landing in China now have one more reason to spend.With the roll-out of a new“refund-upon-purchase”tax rebate scheme,shopping has never been more convenient for overseas visitors.展开更多
Taking China’s 2018 value-added tax(VAT)credit refund reform as an exogenous shock to improve VAT neutrality,we use a difference-in-differences approach to explore how the reform affected corporate social responsibil...Taking China’s 2018 value-added tax(VAT)credit refund reform as an exogenous shock to improve VAT neutrality,we use a difference-in-differences approach to explore how the reform affected corporate social responsibility(CSR).We find that the reform motivated firms to improve CSR performance.The reform has a“resource”effect,increasing internal funds and reducing financing costs,thereby enhancing firms’ability to undertake CSR.The reform also has a“reputation”effect,stimulating firms’willingness to engage in CSR to improve their reputations.CSR following the reform increases firm values and reduces bankruptcy risk.Our study provides fresh insights into VAT neutrality theory and is a reference for tax reform in emerging economies.展开更多
Bathed in the golden light of September,Beijing’s Shougang Park hosted the 2025 China International Fair for Trade in Services(CIFTIS).At the heart of the event,a dynamic spirit of renewal was evident,as emerging pat...Bathed in the golden light of September,Beijing’s Shougang Park hosted the 2025 China International Fair for Trade in Services(CIFTIS).At the heart of the event,a dynamic spirit of renewal was evident,as emerging patterns in cultural,tourism,and sports consumption unfolded throughout the fair.From the creative integration of the centuries-old Peking Opera with innovative business models,to immersive sports experiences and the rollout of streamlined tax refund procedures for international visitors,the fair showcased a nuanced yet significant shift in consumption practices.展开更多
Between 1933 and 1939 Minister Edmondo Rossoni transformed his hometown,a modest village,into a modern center of industrialized agriculture.Rossoni wanted to experiment a new economic,political,and social model within...Between 1933 and 1939 Minister Edmondo Rossoni transformed his hometown,a modest village,into a modern center of industrialized agriculture.Rossoni wanted to experiment a new economic,political,and social model within the Ferrara countryside and,at the same time,aimed to consolidate his power over the territory.The Minster asked the young and trusted engineer Carlo Frighi to give substance to his project.A provincial construction site was quickly transformed into a dynamic workshop that attracts many workers and involves designers and craftsmen from all over Italy.This has emerged from a bibliographic and archival survey that refocused the history of a town that still confronts,through its architecture,its history,and a difficult legacy.展开更多
The“Announcement on Deepening the Value-Added Tax Reform”clearly outlines the preferential policy regarding incremental retention tax rebates.With the advancement of value-added tax(VAT)reform and the improvement of...The“Announcement on Deepening the Value-Added Tax Reform”clearly outlines the preferential policy regarding incremental retention tax rebates.With the advancement of value-added tax(VAT)reform and the improvement of VAT legislation in China,VAT tax planning for construction enterprises,particularly related to retained tax credits,has become routine.This paper,focusing on the characteristics of construction enterprises,analyzes VAT retained tax credits at the end of the period,the status of tax refunds,practical issues,and related processes,and offers suggestions for policy application and risk prevention.展开更多
In this paper, a mathematical model about the optimal booking level problem in airline overbooking rnanageanent is proposed. Firstly, the normal distribution is employed to approximate Poisson requests and binomial go...In this paper, a mathematical model about the optimal booking level problem in airline overbooking rnanageanent is proposed. Firstly, the normal distribution is employed to approximate Poisson requests and binomial goshows. By calculating the mean loss, a model to describe the relationship between booking level and flight revenue is established. Then, an equation is deduced to decide the optimal booking level. Finally, a numerical example is utilized to illustrate the proposed model and discuss the impact of refund rate on the optimal booking level and the mean loss.展开更多
China is rich in tight sandstone gas resources(“tight gas”for short).For example,the Sulige Gasfield in the Ordos Basin and the Upper Triassic Xujiahe Fm gas reservoir in the Sichuan Basin are typical tight gas rese...China is rich in tight sandstone gas resources(“tight gas”for short).For example,the Sulige Gasfield in the Ordos Basin and the Upper Triassic Xujiahe Fm gas reservoir in the Sichuan Basin are typical tight gas reservoirs.In the past decade,tight gas reserve and production both have increased rapidly in China,but tight gas reservoirs are always managed as conventional gas reservoirs without effective fiscal,taxation and policy supports.The potential of sustainable tight gas production increase is obviously restricted.The tight gas development projects represented by the Sulige Gasfield have failed to make profit for a long period,and especially tight gas production has presented a slight decline since 2015.In this paper,a new economic evaluation method was proposed for tight gas development projects.The new method was designed to verify the key parameters(e.g.production decline rate and single-well economic service life)depending on tight gas development and production characteristics,and perform the depreciation by using the production method.Furthermore,the possibility that the operation cost may rise due to pressure-boosting production and intermittent opening of gas wells is considered.The method was used for the tight gas development project of Sulige Gasfield,showing that its profit level is much lower than the enterprise's cost level of capital.In order to support a sustainable development of tight gas industry in China,it is recommended that relevant authorities issue value-added tax(VAT)refund policy as soon as possible.It is necessary to restore the non-resident gas gate price of the provinces where tight gas is produced to the fair and reasonable level in addition to the fiscal subsidy of CNY0.24/m^(3),or offer the fiscal subsidy of CNY0.32/m^(3) directly based on the on-going gate price.With these support policies,tax income is expected to rise directly,fiscal expenditure will not increase,and gas consumption cost in China will be significantly cut down.展开更多
Inclusive tax reduction and refund for small and micro enterprises is of great significance in implementing tax reduction and fee reduction, deepening structural reform on the supply side, reducing the burden on small...Inclusive tax reduction and refund for small and micro enterprises is of great significance in implementing tax reduction and fee reduction, deepening structural reform on the supply side, reducing the burden on small and micro enterprises and stimulating enterprise activities. Since 2019, the CPC Central Committee and the State Council have issued a number of inclusive tax reduction and rebate policies for small and micro enterprises, expanding the scope of benefits for small and micro enterprises and actually paying tax reduction and rebate dividends to small and micro enterprises. This paper summarizes the tax reduction and refund policies for small and micro enterprises in recent years, analyzes the characteristics and existing problems of the current tax refund for small and micro enterprises in our country, and puts forward relevant suggestions on how to do a good job in the tax refund for small and micro enterprises.展开更多
Mr and Mrs Jones went to see a film. They couldn't leave their two-year-old son at home alone, so they took him with them. When they walked into the cinema, an attendant said to them, "You'll have to go o...Mr and Mrs Jones went to see a film. They couldn't leave their two-year-old son at home alone, so they took him with them. When they walked into the cinema, an attendant said to them, "You'll have to go out if your little son cries, but you can go to the ticket window for full refund."展开更多
'This trip to China has been an absolute steal,"exclaimed Keiko,a Japanese tourist purchasing cosmet-ics through Shanghai International Finance Center's immediate tax refund service.Her experience mir-ror...'This trip to China has been an absolute steal,"exclaimed Keiko,a Japanese tourist purchasing cosmet-ics through Shanghai International Finance Center's immediate tax refund service.Her experience mir-rors a broader trend:Visitors from overseas are flocking to China's retail scene,lured by its growing shopping convenience.展开更多
This article sets out to share the experience of the major tax reforms in Georgia,which is eventually recognized worldwide by reputable international organizations,including the International Monetary Fund,the World B...This article sets out to share the experience of the major tax reforms in Georgia,which is eventually recognized worldwide by reputable international organizations,including the International Monetary Fund,the World Bank and others.The article highlights,in particular,three factors that we believe were and remain key to Georgia’s success.These factors are:1.Efficient tax policy;2.Simple administration process;and 3.Proactive communication with taxpayers.展开更多
The developer of Sangtai Danhuafu, a housing project in south China’s Shenzhen City, was caught in the latest property market slump without preparation. Its price dropped from 20,000 yuan ($3,000) per square meterat ...The developer of Sangtai Danhuafu, a housing project in south China’s Shenzhen City, was caught in the latest property market slump without preparation. Its price dropped from 20,000 yuan ($3,000) per square meterat the end of 2007 to 16,000 yuan ($2,300)展开更多
The refund guarantee is undoubtedly a significant document required in the Shipbuilding projects. Due to the lack of uniform test for identifying the independent guarantee in different jurisdictions,slight differences...The refund guarantee is undoubtedly a significant document required in the Shipbuilding projects. Due to the lack of uniform test for identifying the independent guarantee in different jurisdictions,slight differences to the terms of guarantee coupled with the different facts of each case can result in dramatically different rulings as to the nature of the refund guarantee and bank’s obligation for repayment of installments thereunder. It is also noteworthy that different refund guarantee may provide the beneficiary with different coverage. From the comparison among CSTC Form,Shanghai Form and NEWBUILDCON Form,it is suggested that the terms of the contract and refund guarantee of the NEWBUILDCON are more favorable to the buyers and buyers’ banks than the other two forms.展开更多
The Real Rights Law of China(2007) is an important step made by China towards the legalization of commercial reality.The statute may have a few far-reaching effects in practice beyond the contemplation of legislators....The Real Rights Law of China(2007) is an important step made by China towards the legalization of commercial reality.The statute may have a few far-reaching effects in practice beyond the contemplation of legislators. This article studies the possible implications that the Real Rights Law may have on the search for alternatives to the shipbuilding refund guarantee.The search is essential for the survival and development of Chinese shipbuilding industry, which is struggling in the world’s second position.The study shows that the Real Rights Law may realise the long redundant ship construction mortgage by way of charge of semi-finished industrial products or ’floating assets.’ Moreover,the statute may perfect the title transfer of newbuilding in the ’Taizhou Model’,a popular private financing structure for ship construction in Chinese rural areas.In practice,the ship construction mortgage and ’Taizhou Model’ are the most effective alternatives to the shipbuilding refund guarantee.Of course,whether the possible implications of the Real Rights Law could benefit the practice depends on Chinese administrators’ recognition,comprehension and implementation of the statute,which is yet to be observed.展开更多
This study focuses on the taxation of foreign investments in Poland in terms of withholding tax.Over the past three years,there have been significant changes in the way they are taxed,as a result of which the relief a...This study focuses on the taxation of foreign investments in Poland in terms of withholding tax.Over the past three years,there have been significant changes in the way they are taxed,as a result of which the relief at source mechanism has been replaced by the pay and refund mechanism.Despite the urgent need to implement this reform,the application of the new mechanism was repeatedly suspended due to its inconvenience for entrepreneurs.Enterprises that are able to obtain all the necessary information from their contractors will be able to benefit more easily from preferential taxation contained in the EU law or in tax treaties on double taxation avoidance(DTT).On the other hand,companies that have a weaker market position may face difficulties in obtaining information from the recipient of the payment,so they de facto will have to credit the recipients of their payments.展开更多
This article is trying to share experience of Georgia in reforming its VAT refund system by highlighting key elements in the process of the reform as well as demonstrating key features in the operation of profound VAT...This article is trying to share experience of Georgia in reforming its VAT refund system by highlighting key elements in the process of the reform as well as demonstrating key features in the operation of profound VAT system.The article also discusses the implication of the reform for economic growth and promotion of cross-border trade and investment.展开更多
文摘Boosting Tourism and Consumption.China plans to accelerate the availability of tax refund stores for eligible overseas visitors to about 10,000 shops nationwide this year,almost tripling the current number,as the country continues to boost inbound tourism and consumption,a senior official said.
文摘“This trip to China has been an absolute steal,”exclaimed Keiko,a Japanese tourist purchasing cosmetics through Shanghai International Finance Center’s immediate tax refund service.Her experience mirrors a broader trend:Visitors from overseas are flocking to China’s retail scene,lured by its growing shopping convenience.On April 26,six government agencies,including the Ministry of Commerce,jointly issued the refined departure tax refund policy,slashing the minimum refund threshold from 500 yuan(US$69)to 200 yuan(US$28),doubling the cash refund limit from 10,000 yuan(US$1,376)to 20,000 yuan(US$2,752),and encouraging shopping districts,tourist attractions and hotels to increase the number of tax refund stores.
文摘China introduces a range of policies aimed at elevating the role of consumption as a growth driver.Foreign tourists landing in China now have one more reason to spend.With the roll-out of a new“refund-upon-purchase”tax rebate scheme,shopping has never been more convenient for overseas visitors.
基金Scientific Research Project of Higher Education Institutions in Hebei Province in 2025“Research on Government Procurement-Driven Green Governance of Hebei’s Manufacturing Industry”(Project No.:QN2025662)Social Science Fund of Hebei Province in 2024“Research on Informal Environmental Regulation Promoting Green Development of Hebei’s Manufacturing Industry”(Project No.:HB24GL036)Hebei Provincial Social Science Development Research Project,“Study on the Constraints and Implementation Paths of the Transformation from Dual Control of Energy Consumption to Dual Control of Carbon Emissions in Hebei Province”(Project No.:HBSKFZ25QN199)。
文摘Taking China’s 2018 value-added tax(VAT)credit refund reform as an exogenous shock to improve VAT neutrality,we use a difference-in-differences approach to explore how the reform affected corporate social responsibility(CSR).We find that the reform motivated firms to improve CSR performance.The reform has a“resource”effect,increasing internal funds and reducing financing costs,thereby enhancing firms’ability to undertake CSR.The reform also has a“reputation”effect,stimulating firms’willingness to engage in CSR to improve their reputations.CSR following the reform increases firm values and reduces bankruptcy risk.Our study provides fresh insights into VAT neutrality theory and is a reference for tax reform in emerging economies.
文摘Bathed in the golden light of September,Beijing’s Shougang Park hosted the 2025 China International Fair for Trade in Services(CIFTIS).At the heart of the event,a dynamic spirit of renewal was evident,as emerging patterns in cultural,tourism,and sports consumption unfolded throughout the fair.From the creative integration of the centuries-old Peking Opera with innovative business models,to immersive sports experiences and the rollout of streamlined tax refund procedures for international visitors,the fair showcased a nuanced yet significant shift in consumption practices.
文摘Between 1933 and 1939 Minister Edmondo Rossoni transformed his hometown,a modest village,into a modern center of industrialized agriculture.Rossoni wanted to experiment a new economic,political,and social model within the Ferrara countryside and,at the same time,aimed to consolidate his power over the territory.The Minster asked the young and trusted engineer Carlo Frighi to give substance to his project.A provincial construction site was quickly transformed into a dynamic workshop that attracts many workers and involves designers and craftsmen from all over Italy.This has emerged from a bibliographic and archival survey that refocused the history of a town that still confronts,through its architecture,its history,and a difficult legacy.
文摘The“Announcement on Deepening the Value-Added Tax Reform”clearly outlines the preferential policy regarding incremental retention tax rebates.With the advancement of value-added tax(VAT)reform and the improvement of VAT legislation in China,VAT tax planning for construction enterprises,particularly related to retained tax credits,has become routine.This paper,focusing on the characteristics of construction enterprises,analyzes VAT retained tax credits at the end of the period,the status of tax refunds,practical issues,and related processes,and offers suggestions for policy application and risk prevention.
文摘In this paper, a mathematical model about the optimal booking level problem in airline overbooking rnanageanent is proposed. Firstly, the normal distribution is employed to approximate Poisson requests and binomial goshows. By calculating the mean loss, a model to describe the relationship between booking level and flight revenue is established. Then, an equation is deduced to decide the optimal booking level. Finally, a numerical example is utilized to illustrate the proposed model and discuss the impact of refund rate on the optimal booking level and the mean loss.
文摘China is rich in tight sandstone gas resources(“tight gas”for short).For example,the Sulige Gasfield in the Ordos Basin and the Upper Triassic Xujiahe Fm gas reservoir in the Sichuan Basin are typical tight gas reservoirs.In the past decade,tight gas reserve and production both have increased rapidly in China,but tight gas reservoirs are always managed as conventional gas reservoirs without effective fiscal,taxation and policy supports.The potential of sustainable tight gas production increase is obviously restricted.The tight gas development projects represented by the Sulige Gasfield have failed to make profit for a long period,and especially tight gas production has presented a slight decline since 2015.In this paper,a new economic evaluation method was proposed for tight gas development projects.The new method was designed to verify the key parameters(e.g.production decline rate and single-well economic service life)depending on tight gas development and production characteristics,and perform the depreciation by using the production method.Furthermore,the possibility that the operation cost may rise due to pressure-boosting production and intermittent opening of gas wells is considered.The method was used for the tight gas development project of Sulige Gasfield,showing that its profit level is much lower than the enterprise's cost level of capital.In order to support a sustainable development of tight gas industry in China,it is recommended that relevant authorities issue value-added tax(VAT)refund policy as soon as possible.It is necessary to restore the non-resident gas gate price of the provinces where tight gas is produced to the fair and reasonable level in addition to the fiscal subsidy of CNY0.24/m^(3),or offer the fiscal subsidy of CNY0.32/m^(3) directly based on the on-going gate price.With these support policies,tax income is expected to rise directly,fiscal expenditure will not increase,and gas consumption cost in China will be significantly cut down.
文摘Inclusive tax reduction and refund for small and micro enterprises is of great significance in implementing tax reduction and fee reduction, deepening structural reform on the supply side, reducing the burden on small and micro enterprises and stimulating enterprise activities. Since 2019, the CPC Central Committee and the State Council have issued a number of inclusive tax reduction and rebate policies for small and micro enterprises, expanding the scope of benefits for small and micro enterprises and actually paying tax reduction and rebate dividends to small and micro enterprises. This paper summarizes the tax reduction and refund policies for small and micro enterprises in recent years, analyzes the characteristics and existing problems of the current tax refund for small and micro enterprises in our country, and puts forward relevant suggestions on how to do a good job in the tax refund for small and micro enterprises.
文摘Mr and Mrs Jones went to see a film. They couldn't leave their two-year-old son at home alone, so they took him with them. When they walked into the cinema, an attendant said to them, "You'll have to go out if your little son cries, but you can go to the ticket window for full refund."
文摘'This trip to China has been an absolute steal,"exclaimed Keiko,a Japanese tourist purchasing cosmet-ics through Shanghai International Finance Center's immediate tax refund service.Her experience mir-rors a broader trend:Visitors from overseas are flocking to China's retail scene,lured by its growing shopping convenience.
文摘This article sets out to share the experience of the major tax reforms in Georgia,which is eventually recognized worldwide by reputable international organizations,including the International Monetary Fund,the World Bank and others.The article highlights,in particular,three factors that we believe were and remain key to Georgia’s success.These factors are:1.Efficient tax policy;2.Simple administration process;and 3.Proactive communication with taxpayers.
文摘The developer of Sangtai Danhuafu, a housing project in south China’s Shenzhen City, was caught in the latest property market slump without preparation. Its price dropped from 20,000 yuan ($3,000) per square meterat the end of 2007 to 16,000 yuan ($2,300)
文摘The refund guarantee is undoubtedly a significant document required in the Shipbuilding projects. Due to the lack of uniform test for identifying the independent guarantee in different jurisdictions,slight differences to the terms of guarantee coupled with the different facts of each case can result in dramatically different rulings as to the nature of the refund guarantee and bank’s obligation for repayment of installments thereunder. It is also noteworthy that different refund guarantee may provide the beneficiary with different coverage. From the comparison among CSTC Form,Shanghai Form and NEWBUILDCON Form,it is suggested that the terms of the contract and refund guarantee of the NEWBUILDCON are more favorable to the buyers and buyers’ banks than the other two forms.
文摘The Real Rights Law of China(2007) is an important step made by China towards the legalization of commercial reality.The statute may have a few far-reaching effects in practice beyond the contemplation of legislators. This article studies the possible implications that the Real Rights Law may have on the search for alternatives to the shipbuilding refund guarantee.The search is essential for the survival and development of Chinese shipbuilding industry, which is struggling in the world’s second position.The study shows that the Real Rights Law may realise the long redundant ship construction mortgage by way of charge of semi-finished industrial products or ’floating assets.’ Moreover,the statute may perfect the title transfer of newbuilding in the ’Taizhou Model’,a popular private financing structure for ship construction in Chinese rural areas.In practice,the ship construction mortgage and ’Taizhou Model’ are the most effective alternatives to the shipbuilding refund guarantee.Of course,whether the possible implications of the Real Rights Law could benefit the practice depends on Chinese administrators’ recognition,comprehension and implementation of the statute,which is yet to be observed.
文摘This study focuses on the taxation of foreign investments in Poland in terms of withholding tax.Over the past three years,there have been significant changes in the way they are taxed,as a result of which the relief at source mechanism has been replaced by the pay and refund mechanism.Despite the urgent need to implement this reform,the application of the new mechanism was repeatedly suspended due to its inconvenience for entrepreneurs.Enterprises that are able to obtain all the necessary information from their contractors will be able to benefit more easily from preferential taxation contained in the EU law or in tax treaties on double taxation avoidance(DTT).On the other hand,companies that have a weaker market position may face difficulties in obtaining information from the recipient of the payment,so they de facto will have to credit the recipients of their payments.
文摘This article is trying to share experience of Georgia in reforming its VAT refund system by highlighting key elements in the process of the reform as well as demonstrating key features in the operation of profound VAT system.The article also discusses the implication of the reform for economic growth and promotion of cross-border trade and investment.
