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IMF To Support China's Tax Reform Agenda

by Mary Swire, Tax-News.com, Hong Kong

26 March 2016


China's tax agency and the International Monetary Fund have renewed a three-year agreement that will support tax policy and administration reform efforts in China.

IMF Deputy Managing Director Carla Grasso said: "China has made great strides in reforming and modernizing its tax system. I am...pleased to sign this new agreement to continue our fruitful cooperation as China rolls out its full-scale transformation of the business tax to a value-added tax, and as China deepens its reform of the tax administration system."

In May 2013, the SAT and the IMF entered into a three-year technical cooperation project intended to help the SAT design and implement important improvements in tax policy, tax modeling, and large business tax administration, as well as revisions of the Law on the Administration of Tax Collection. The SAT and the IMF have decided to renew the project for an additional three-year period to provide further support to the implementation of China's tax reform agenda in the 13th Five-Year Period.

The IMF recently released a report entitled Tax Administration Reform in China: Achievements, Challenges, and Reform Priorities, which noted improvements made to the country's tax administration since the 1990s and outlined the challenges it faces over the next five years.

TAGS: tax | economics | business | value added tax (VAT) | fiscal policy | International Monetary Fund (IMF) | China | tax reform | Tax

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