(Yicai Global) Jan. 4 -- An app for individual income tax reporting and payments that China's State Administration of Taxation launched in late 2018 will help the agency scoop up large amounts of data, enabling the government to make better economic and policy decisions, according to analysts.
The SAT released the Personal Income Tax app in November. It ranked top for 10 consecutive days for downloads from the Apple App Store, outpacing those for news content provider Toutiao and online group discounter Pinduoduo. The tax app has now been downloaded to Android phones more 16 million times, with the number increasing by three million a day.
Under this year's new income tax law, expenses for child and adult education, serious disease treatment, mortgage interest, rent and elderly care are tax deductible. Taxpayers can use the app to claim these deductions.
The collection of such data will greatly change China. Massive amounts of accurate information will be fed back to decision-making departments for them to make better judgments on the economy, financial commentator Ping Chuan said.
Business growth can be inferred through their employee's tax declarations and related information output, including capital flow and other core data, which will not only provide more accurate supplementary information for bank credit reporting but also effectively halt tax evasion issues.