Better tax services promotes industrial upgrading

Reverse charge that a tax mechanism that allows buyer, instead of seller, to declare and pay tax to government is offered for recycling companies by the end of April, as part of China's broader efforts to promote equipment renewal in the industrial sector, according to China's State Taxation Administration.

The tax authority has made several actions to tackle difficulties currently troubling market entities and to meet needs of companies for new momentum of industrial upgrading. Tax big data will be properly used in tax administration to choose accurately corporate taxpayers eligible to tax incentives, and to crack down illegal behaviors, in a way to maintain a fair market.

The implementation of structural tax and fee reductions to mainly support scientific and technological innovation and manufacturing development will strongly drive industrial transformation and upgrading. The tax department continuously improves tax and fee service to help tech-innovation enterprises grow and expand in a good way, as they are an important support for industrial upgrading.

Source: https://www.chinatax.gov.cn/eng/c101269/c5223506/content.html