This Mobile App Is Set to Shake Up More Than China's Tax Filing and Payment System
(Yicai Global) Jan. 4 -- An app for individual income tax reporting and payments that China's State Admintration 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 decions, according to analysts.>/n/n/n/n/nThe 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 dcounter 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 th year's new income tax law, expenses for child and adult education, serious dease 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 decion-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 sues.