Shanghai drafts 28 taxation measures to optimize business climate

Shanghai has drafted 28 innovative measures that will help foster a better environment for doing business in the city and make paying taxes efficient for corporations and individuals.

To better help newly-established companies, Shanghai Municipal Office of the State Administration of Taxation has introduced a “set menu” service for registration, which covers the most common issues facing start-ups, in orrder to save them time.

Another policy reduces the number of times that a company has to pay taxes, and an annual tax declaration will be applied to some eligible small-scale taxpayers.

The authority is also enhancing the mutual recognition of tax related information by joining with other government departments in the city like the municipal human resources and social security bureau and the local accumulation fund management center.

“Business climate is an important part of a country’s soft power resources. By carrying out those measures, we aim to provide a more competitive and convenient environment for companies and individuals in Shanghai,” Jiang Xutao, chief economist of the local taxation authority, said during a media briefing today.

“Our next move is to implement the policies in the China (Shanghai) Pilot Free Trade Zone first and then promote them to other districts of the city before the middle of 2018,” Zhang added.