What is the currency for the tax refund?

Tax refunds are exclusively denominated in Renminbi (RMB), regardless of the taxpayer's original payment currency.

Foreign enterprises and individuals must have a valid RMB-denominated bank account to receive refunds.

Currency conversion for refunds is not permitted; any foreign currency owed will be converted to RMB at the official exchange rate before disbursement.

This rule applies to all categories of tax refunds, including VAT, corporate income tax, and individual income tax.

Taxpayers should ensure their bank account details submitted to tax authorities reflect an RMB account to avoid delays.

The policy aims to standardize tax refund processes and reduce administrative burdens associated with multiple currencies.