Dr Finance

- A Good,Perfect Finace Website

Tax body sets out priorities to help businesses

2017-11-17 2 ℃

SHANGHAI’S tax authority said yesterday it will prioritize improving its credit record system and moving more operations online as it implements new policies to make business easier for companies.

Jiang Xutao, chief economist of the Shanghai Municipal Office of the State Administration of Taxation, said the authority aimed to create a dynamic credit record system to replace the current annual assessment.

The new system will allow for a more timely rating of companies and connect with banks and commercial regulators to cut costs and red tape.

The authority said it is considering allowing small businesses and startups to use credit records to apply for bank loans instead of paying substantial fees to acquire commercial guarantees.

The move is happening in tandem with the digitalization of paper forms and moving all taxation operations online next year, improving from the current 80 percent.

Jiang said the work will involve more than 1,000 forms and applications that currently can be only submitted offline by visiting tax authority offices.

The authority released 28 measures last week to improve the business environment in the city, including one-stop services for startups, and encouraging the sharing of information across various government agencies.