As of June 25, a total of 1.82 trillion yuan ($271.71 billion) of value-added tax credit has been refunded to businesses, an official said on Thursday.

Cai Zili, director-general of the revenue planning and accounting department of the State Taxation Administration, said between April 1, when the VAT tax refund was enacted, and June 25, some 1.7 trillion yuan of VAT credit has been refunded to market players on top of the previous 123.3 billion yuan, bringing the total to some 1.8 trillion yuan, equivalent to 2.8 times the total tax credits last year.

He said the country's small and micro businesses remain the major beneficiaries of the tax credit refund policies, comprising 94.5 percent of refund receivers since April. The total value of VAT refunds to these enterprises came in at 756.3 billion yuan. Businesses in the manufacturing sector have notably benefited from the refund policies, he said.