China's Ministry of Finance and State Administration of Taxation have jointly issued Announcement No. 41 of 2023, which provides for the extension of the VAT exemption/refund on domestically-produced research and development (R&D) equipment purchased by specified R&D institutions until 31 December 2027. The exemption/refund is available for specified domestically-funded R&D institutions and foreign-funded R&D centers, subject to certain conditions. The exemption/refund was pr…