Sino Technology Becomes The Designated Developer Of Sales Tax Refund System For Overseas Visitors In Shanghai
Sinosoft Technology Group Limited (“Sinosoft Technology” or the “Group”, HKEx: 1297 ) is pleased to announce that the Group is the designated developer of sales tax refund system for overseas visitors in Shanghai of People’s Republic of China (the “PRC”), to provide software platform for overseas visitors tax refund policy which is newly implemented with effective from 1st July 2015.
According to the overseas visitors tax refund policy in the PRC, tax refund is given to visitors from foreign countries, Hong Kong, Macau and Taiwan who have not stayed over 183 days in the PRC (the “Overseas Visitors”). Procedures of the Overseas Visitors for tax refund include tax refund application in stores, confirmation of tax refunding items by customs, and processing refund by tax refund agent.
The implementation of overseas visitors tax refund policy has further enhanced the tax refund system in the PRC and helped integrate Chinese value-added tax system into international standard. It is expected to strengthen the development of inbound tourism in the PRC, and also promote the export of Chinese featured products.
According to the statistics in China National Tourism Administration’s website, overseas visitor arrivals in 2014 was 128 million. Number of arrivals in 2015 is expected to be sustained.
The Board of Sinosoft Technology believes the experience in the development of sales tax refund system for overseas visitors in Shanghai will enable the Group to promote tax refund system to other provinces in the PRC. Combining the competences in export tax refund and big data analysis, the Group will explore more business opportunities to accelerate future growth which will be beneficial to the Group’s development and enhanced shareholders’ return as a whole.