ICBC Beijing Branch to Refund European Sales Taxes for Chinese Tourists

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 ◆ ICBC Beijing Branch to Refund European Sales Taxes for Chinese Tourists

The Beijing branch of the Industrial and Commercial Bank of China (ICBC) will act as an agent for Sweden's Global Refund in offering sales-tax refund services for tourists. Sales tax rates in some European countries can be anywhere from 15 percent to 20 percent, but to encourage tourists to spend money, most countries have a refund system for tourists. With the rapid growth in China's overseas travel industry, Global Refund has teamed up with the ICBC to allow Chinese tourists to get their sales-tax refunds after returning to China at ICBC branches. According to officials with the ICBC Beijing branch, their refund services cover 21 foreign tourist destinations, including nearly all European nations. With valid passports and refund documents, tourists may get sales-tax refunds at ICBC branches at Beijing's Capital International Airport and the Dongsi branch in downtown Beijing. The ICBC will refund tourists in US$ or transfer payments to ICBC accounts as requested, the article said.