China has released an upgraded tax refund policy (2.0) to enhance the experience for international tourists, expanding coverage, improving efficiency with digitalization, and extending the refund period to 28 days. This aims to boost inbound tourism and consumption, reflecting China's commitment to opening up.
Beijing has become the first city in China to implement online departure tax refunds for international tourists, with JD.com launching the service. This allows tourists to shop online and receive tax refunds conveniently, enhancing the inbound consumer experience.
Retailers saw a surprisingly robust first quarter, buoyed by higher tax refunds and increased use of buy now, pay later services. However, analysts anticipate a more strained consumer in Q2 as these supports fade and inflation/gas prices exert greater pressure.
China is enhancing its departure tax refund policies (2.0 version) to attract more foreign tourists and boost inbound consumption. The new measures, effective July 1, will digitize the process, eliminating the need for paper applications and invoices, thereby simplifying the experience for international visitors.
Following a Supreme Court decision on tax illegality, plaintiffs claim Jeff Bezos is deliberately not seeking a refund to curry favor with President Trump, keeping the money in government coffers.
The Finance Act 2026, which received Presidential assent on March 30, 2026, introduces two significant changes to income tax refund rules effective April 1, 2026. First, it clarifies that interest on refunds for Tax Year 2025-26 and prior years will be computed under the 1961 Act's provisions but at rates governed by the 2025 Act, eliminating dual-referencing confusion. Second, it allows tax refunds under either Act to be set off against demands under both Acts, enabling cross-utilisation and reducing taxpayer hardship. The amendments apply from Tax Year 2026-27 onwards.
HMRC data reveals around 730,000 Britons have unclaimed tax refunds worth £624m, with an average refund of £855. Taxpayers receive P800 calculation letters indicating overpayments, but refunds aren't automatic. The deadline to claim is four years from the end of the relevant tax year.
The average tax refund is 11.2% higher this season, according to the latest IRS filing data. Here's what taxpayers need to know.
