China, Brazil sign tax protocol

(ECNS) -- The Chinese and Brazilian ministries signed a tax protocol to jointly improve tax services for cross-border businesses at a high-level bilateral meeting, China’s State Taxation Administration said on Monday.

The protocol was listed along with other outcomes from the sixth meeting of the China-Brazil High-level Coordination and Cooperation Committee (COSBAN).

It partially revised the Agreement Between the Government of the People’s Republic of China and the Government of the Federative Republic of Brazil for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income signed in 1991, reflecting the latest developments in the two countries’ domestic laws and international tax rules.

The protocol further reduces the tax burden on taxpayers investing in the other country, helps promote bilateral trade, technology, capital and personnel exchanges, and facilitates bilateral economic cooperation and development, according to the administration.

The sixth COSBAN meeting was co-chaired by Chinese Vice President Wang Qishan and Brazil's Vice President Hamilton Mourao via video link on Monday.