The Ministry of Finance, State Taxation Administration and General Administration of Customs have granted approval to Zhejiang to implement a departure tax refund policy for purchases by foreign visitors from December1st. Yintai in77 and 26 other retailers have been granted departure tax refund status.
The departure tax refund policy for purchases by foreign visitors means that foreign visitors leaving China may be entitled to a VAT refund on tax-refundable goods purchased in shops with tax refund status. According to this departure tax refund policy, foreign visitors who apply for tax refunds should meet the following requirements: (1) the amount of tax-refundable goods purchased by the same foreign visitor on the same day in the same shop with tax refund status shall not exceed RMB500; (2) the tax-refundable good has not been used or consumed; (3) the number of days between the departure date and date of purchase of the tax-refundable goods shall not exceed 90 days; and (4) all tax-refundable goods purchased shall leave China accompanied by the said visitor either as carry-on or check-in luggage. The tax refund rate for eligible purchases is 11%.
The relevant person in charge of Hangzhou Administration Bureau for Industry and Commerce said that the implementation of the departure tax refund policy will help promote and expand consumption demand, boost Hanghzou’s competitiveness, and gradually improve Hangzhou’s international standards and overall influence,
Yintai in77, situated in the busiest commercial and tourist district of Hangzhou, is the sole multipurpose integrated urban complex in Hubin, West Lake. Hubin Pedestrian Street, where it is located, is one of the first five pedestrian streets to be conferred “National Demonstration Pedestrian Street” status. As a core commercial entity situated at the Pedestrian Street, Yintai in77 has been actively innovating and upgrading, consistently improving both its brand services and shopping experience.
Today, Yintai in77 is home to the flagship stores of Hermès, LV, GUCCI and other global luxury brands, as well as Asia’s largest Apple retail flagship store, Zhejiang’s first LEGO? flagship store, adidas urban brand center, and other flagship stores. It has become the local hub of many brand flagship stores and first stores, leading Hubin Pedestrian Street and other physical commercial entities of Hangzhou toward the path of development.