China has taken further steps to crack down on tax avoidance by signing the Corporate Tax and Price Shifting project . The OECD believes that the resulting revenue losses to national treasuries have grown to as much as $240 billion a year, or 10 percent of global corporate income-tax receipts－an estimate it considers to be conservative. The agreement was signed by 39 jurisdictions at the Organisation for Economic Co - operation and Development Forum on Tax Administration , and is aimed at dealing with the effects of corporate tax avoidance and price manipulation between trading nations , practices which are believed to have cost USD 240bn globally . Wang Jun , commissioner of the State Administration of Taxation said the agreement demonstrated “ China 's commitment to implementing international tax rules ” .
China has taken further steps to crack down on tax avoidance by signing the Corporate Tax and Price Shifting project . The agreement was signed by 39 jurisdictions at the Organisation for Economic Co - operation and Development Forum on Tax Administration , and is aimed at dealing with the effects of corporate tax avoidance and price manipulation between trading nations , practices which are believed to have cost USD 240bn globally . Wang Jun , commissioner of the State Administration of Taxation said the agreement demonstrated “ China 's commitment to implementing international tax rules ” .