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<Regulations on Supervision and Administration of Non-Bank Payment Institutions> has been adopted at the 19th executive meeting of the State Council on November 24, 2023, and is hereby promulgated to come into effect from May 1, 2024 onwards.

After being brought under the supervision of the tax bureau, mobile payment platforms such as WeChat, Alipay, and Meituan will need to strictly comply with tax laws and regulations to ensure that every transaction can be accurately declared for tax purposes. The IRD will also conduct regular inspections and audits of these platforms to ensure that they are operating in compliance. For platforms with irregularities, the IRD will impose penalties in accordance with the law and pursue the legal responsibilities of those responsible.

Big data will permeate every aspect of daily life, and corporate compliance is imperative!

http://www.gov.cn/gongbao/2024/issue_11086/202401/content_6924970.html