Less double taxation to promote Chinese enterprises

BEIJING, May 21 (Xinhua) — China has signed agreements with 99 countries to avoid goods being taxed twice as they cross borders in order to benefit more domestic enterprises going global, said a senior taxation official on Thursday.

Wang Wenqin, deputy director of the State Administration of Taxation’s international tax division, said the agreements aim to avoid double taxation and prevent tax evasion in accordance with international laws.

He explained that less taxation will lower business costs and cross-border taxation risks in a bid to make enterprises more competitive in foreign countries.

The agreements will also provide a procedure to negotiate or cope with bilateral disputes on taxation, Wang said.

The administration is attempting to sign taxation agreement with more countries to support more businesses and fuel the Belt and Road Initiative, he added.