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 | Thursday, April 27, 2000, updated at 16:12(GMT+8) | ||||||||||||
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China to Tighten Control over International Tax EvasionChina is readjusting its taxation system to fit the new situation that will arise after the country' s accession into the World Trade Organization (WTO), a senior taxation official said on April 6 in Beijing.Hao Zhaocheng, deputy commissioner of the State Administration of Taxation (SAT), told Xinhua there is still a gap between the taxation system and international practice. He noted that the current taxation system is designed only to cover foreign companies and individuals in China, but it lacks regulations on companies investing overseas and individuals working abroad. He noted that China' accession to the WTO will pose many new problems for the taxation system, including the conflict of interest of taxes among different countries and hidden evasion of taxes in the form of transfer pricing. He said that increasing exposure of multinational companies in China has brought more and more new issues involving international taxation to the country. More than 300 of the top 500 multinational companies in the world are now operating in China, and over 5,000 Chinese companies have made investments outside the country. At the same time, more than 3 million Chinese people are now working abroad.
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