 |
China Battles Tax Evasion with Help of Computers
China has stepped up its efforts to fight against tax evasion by requiring selected companies to print invoices using a computerized system connected to taxation authorities.
The State Administration of Taxation (SAT) released a notice Monday, December 4, announcing a ban on using hand-written invoices as of January 1, 2003.
According to SAT, only a select group of companies will be subject to the new regulations, including industrial enterprises with an annual sales of above one million yuan and commercial enterprises with an annual sales of above 1.8 million yuan.
SAT said that the "anti-fake monitoring system for added value tax" is designed to prevent the illegal activities of tax evasion and fraud. SAT said that the selected enterprises mentioned above have to install the computer monitoring system by the end of 2002.
In This Section
|