China on August 27 signed a multilateral convention by the G20 to combat tax evasion.

Wang Jun, Administrator of the State Administration of Taxation of China, signed the convention on behalf of the Chinese Government at the Organization for Economic Co-operation and Development (OECD) headquarters in Paris.

By signing the convention, China became the 56th signatory to the multilateral agreement designed to facilitate international cooperation among tax authorities and improve their ability to fight tax evasion.

This is the first multilateral tax instrument that has ever been signed by China.

Developed by the OECD and the Council of Europe in 1988, the convention on mutual administrative assistance in tax matters is the most comprehensive multilateral instrument available for tax cooperation and exchange of information.