Taxes remained high on the agenda of Chinese policymakers last year as the government attempted to strike a new balance by supporting small businesses, high-technology sectors, and services industries.
Domestically, various tax cuts have been announced, value-added tax reform further expanded, and regional tax policies are to be unified.
Internationally, China, joining the United States and European Union efforts to close loopholes that allow multinational corporations to evade taxes, reclaimed millions of yuan from a US multinational company.
To kick off the new year, Shanghai Daily sat down with Walter Tong, managing partner of Ernst & Young tax services, in charge of China’s business, to discuss tax reform and its impact.