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Mastercard teams up with HNA Transforex on VAT refund for Chinese shoppers
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GLOBAL payment company Mastercard said yesterday it has joined hands with HNA Transforex Currency Exchange Co to launch an extra one percent rebate on the existing value-added tax refund schemes for Chinese overseas shoppers.
The partnership also brings together seven leading tax groups such as Global Blue, Innova Taxfree, and Premier Tax Free. It will cover 50 overseas markets and about 420,000 merchants in Europe and Asia.
Chinese shoppers can claim their tax refund back at home and courier service will pick up their tax refund forms. A bonus of 1 percent of the tax refund amount will be offered by Mastercard and shall be transferred directly into the bankcard accounts.
"The tax refund platform comes at a time of rising demand for travel tax refund as China has become the world's largest overseas travel market," said Dennis Chang, Mastercard's general manager in China.
The tax refund will be paid within three working days at the earliest as soon as all the forms are validated, a process that could take several weeks when the tax refund claims are made at airport counters.
China’s largest third party payment platform Alipay in July also launched a similar service as the number of outbound travelers hiked.
China Tourism Academy estimated in June that 116 million Chinese would travel abroad this year, rising 18.2 percent from a year ago due to an improving economy and easier visa access, and last year they’ve already become the top spenders worldwide, spending US$128.56 billion while abroad, an increase of 26.8 percent from 2012.
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