
Tradeshift announced Tuesday a partnership with Baiwang, a Chinese provider of tax-related services and one of the two government-approved companies to provide tax control hardware and software to implement China value-added tax (VAT) reform. This shift represents an important transition from business tax (BT) to VAT in China, which means the country will increasingly be aligned to international tax practices and is likely to further facilitate cross-border trade with greater transparency than before.