China to press ahead with smart taxation system
China will unswervingly advance the digitalization of tax administration in the country, an official said.
Driven by developments in smart taxation, the automatic calculation of taxes is one step closer to reality, said Wang Jun, head of the State Taxation Administration, at a meeting of the heads of tax authorities of the BRICS countries, which concluded on Wednesday.
At the online meeting, heads of the tax authorities of Brazil, Russia, India, China and South Africa exchanged opinions and shared results on the theme of redefining the business processes for tax administration in the digital era amidst the challenges posed by COVID-19.
Digitalization has driven the building of China’s smart taxation system, Wang said, adding that the Chinese tax authorities plan to build a smart taxation system powered by taxation big-data within five years.
The meeting commenced in 2013 as a significant element of the cooperation mechanism among the tax administrations of the BRICS countries. To further strengthen tax collaboration, Wang proposed the establishment of an exchange mechanism among BRICS countries on the informatization of the taxation system.
Wang also suggested promoting exchanges with international organizations, including the G20 and the Organization for Economic Cooperation and Development, to draw on their advanced experience.
The meeting was hosted by the Indian tax administration this year. A communiqué of the heads of tax authorities of the BRICS countries was issued, and it was decided that China will host the BRICS tax experts and tax heads meeting in 2022.