China moves forward with smart tax system

China will relentlessly advance the digitization of tax administration in the country, an official said.

Driven by smart tax developments, automatic tax calculation is one step closer to reality, Wang Jun, head of the state tax administration, said at a meeting of heads of tax authorities in the BRICS country, which ended Wednesday.

At the online meeting, heads of tax authorities from Brazil, Russia, India, China and South Africa exchanged views and shared findings on the topic of redefining processes tax administration business in the digital age amid challenges posed by COVID-19.

Digitization has led to the construction of China’s smart tax system, Wang said, adding that Chinese tax authorities plan to build a smart tax system powered by big tax data within five years.

The meeting began in 2013 as an important part of the cooperation mechanism between the tax administrations of BRICS countries. To further strengthen tax collaboration, Wang proposed the establishment of an exchange mechanism between BRICS countries on the computerization of the tax system.

Wang also suggested promoting exchanges with international organizations, including the G20 and the Organization for Economic Co-operation and Development, to take advantage of their advanced experience.

The meeting was hosted by the Indian Tax Authority this year. A statement from the heads of the BRICS countries’ tax authorities has been issued and it has been decided that China will host the meeting of BRICS tax experts and heads of tax in 2022.
Source: Xinhua

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