9 Dec 2019
SAT Announces Taxpayer Credit Score Restoration Arrangements
The State Taxation Administration has recently issued the Announcement on Matters Concerning the Restoration of Taxpayer Credit Score (No. 37 ), which will take effect on 1 January 2020. Taxpayers having committed any dishonest act in tax payment may apply for the restoration of taxpayer credit score to rectify their dishonesty within the stipulated time. Applications must comply with the relevant restoration standards. For taxpayers who have not completed all tax filing, tax payment and data filing procedures within the statutory deadline but have since taken remedial action, credit score will be rated on the basis of the time lapse between the remedial action taken and the time the dishonest act was recorded by the tax authority. The credit score may be offset by 80%, 40% and 20% respectively if the dishonesty is rectified within 30 days, within the same year, or within the following year.
Taxpayers applying for taxpayer credit score restoration shall submit the Taxpayer Credit Score Restoration Application Form to the tax authority and testify to the truthfulness of their rectification of dishonesty. The tax authority in charge shall complete the verification within 15 working days after receiving the Taxpayer Credit Score Restoration Application Form and send feedback to the taxpayers on the outcome.
Source: State Taxation Administration