Shanghai has adopted a tax deduction and exemption form and no longer asks expats to declare subsidies for tax exemption. It also allows income tax payment by installment, officials said yesterday.

A foreigner who receives share awards, for example, can pay his individual income tax by installment over a period of five years, officials with the local tax bureau said.

The new tax form is one of the bureau's measures to improve efficiency. Electronic invoice and online tax reporting will be widely introduced this year. All these are designed to attract overseas talent and promote Internet Plus, innovation and business creation, they said.

With the use of e-invoices, individuals and enterprises can use them as official proof for reimbursement. It is expected to boost the business of e-commerce companies. Shanghai-based Yihaodian.com, for example, is able to cut costs by 90,000 yuan (US$13,681) a month, said Zheng Haiying, tax manager of the online retailer.

'The use of e-invoice raises business efficiency enormously by simplifying procedures and cutting unnecessary costs,' said Zheng.

Shanghai Municipal Government issued this content on 2016-01-23 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-23 03:28:09 UTC

Original Document: http://www.shanghai.gov.cn/shanghai/node27118/node27818/u22ai81886.html