China's proposed tax-refund policy for overseas visitors leaving the country is likely to begin in July of this year.

Companies that have obtained official approval can apply to offer customers tax refunds for goods they sell. So far, 80 companies have applied for the designation, according to the Beijing Municipal Commission of Commerce.

Since many businesses in China do not give customers receipts, tax refunds cannot be made on purchases at these businesses.

The new plan aims to formalize commerce among China's brick-and-mortar businesses. The minimum purchase eligible for a tax refund is 500 yuan ($82) at a single store if the purchase is made in one day.

Foreign visitors can receive an 11-percent rebate on consumer goods purchased at designated department stores.

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