Breakfast Seminar: Implication of Golden Tax III System on Individual Income Tax Reporting and Administration
Join us on this buffet-style breakfast seminar that provides a bite-sized piece of professional knowledge on the Golden Tax System to start your day.
A major tax administration project, which should be implemented nationwide by the end of 2016, will have a significant impact on filing and reporting obligations relating to individual income tax (IIT) in China. The “Golden Tax System” (GTS) is an electronic tax administration system developed by the Chinese government in the 1990s as one of 12 government information management systems. The first two iterations of the system, GTS I and II, used information technology mainly to improve compliance with China’s value-add tax regulations, notably the use and authentication of fapiaos, etc. The third version of GTS (GTS III) contains more sophisticated functionality that ultimately will be integrated with all industries, tax categories and tax administration areas, especially for PRC Individual Income Tax (IIT) purposes.