During an executive meeting held on 13 September 2022, China's State Council decided to extend the tax payment deferral for manufacturing SMEs by providing a further 4-month deferral from 1 September 2022. The State Council also decided to expedite the refund of VAT input credits for the manufacturing industry, providing that credits will be refunded immediately after application, with an average receipt time of 2 working days. With respect to the 4-month payment deferral, China's Ministry of Finance and State Administration of Taxation jointly issued Announcement No. 17 of 2022 on 14 September. The Announcement provides that with effect from...