The Shanghai Pilot Free Trade Zone is trialling 28 innovative tax-related measures to foster a better business environment and simplify compliance obligations.
The measures are being implemented by the Shanghai Municipal Office of the State Administration of Taxation and include a time-saving "set menu" service for registration of start-ups in the Zone, and a reduction in the number of times a company has to pay taxes, with eligible small-scale taxpayers able to file just an annual tax declaration.
The State Administration is also enhancing "mutual recognition" of tax-related information by better communicating with other government departments in the city, including the municipal human resources and social security bureau, and the local accumulation fund management center.
Jiang Xutao, Chief Economist of the local taxation authority, commented: "Business climate is an important part of a country's soft power. By carrying out these measures, we aim to provide a more competitive and convenient environment for companies and individuals in Shanghai."
Following the trial of the new policies in the Zone, they will be rolled out to other districts in Shanghai in the first half of 2018.
By courtesy of Lowtax