On 30 June 2022, the Chinese General Administration of Customs (GAC) published updated guidance (i.e., GAC Bulletin [2022] No. 45, or Bulletin 45) on the GAC’s voluntary disclosure program (VDP), adjusting the penalty waiver thresholds for importers or exporters voluntarily reporting tax-related noncompliance. Bulletin 45 is effective as from 1 July 2022 and will expire on 31 December 2023.
Source: Deloitte
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