On 23 May 2022, Wang Jun, Commissioner of State Taxation Administration of China, and Paulo Guedes, Minister of Brazilian Ministry of Economic Affairs, on behalf of the respective government, signed on “Protocol Amending the Protocol to the Agreement between the Government of the People's Republic of China and the Government of the Federal Republic of Brazil for the Avoidance of Double Taxation and the Prevention of Tax Evasion with Respect to Income, signed in Beijing on 5 August 1991” (hereinafter referred to as the Protocol). 

The signing of the Protocol was completed during the sixth meeting of the China-Brazil High-level Coordination and Cooperation Committee and included in the list of outcomes of this meeting. The Protocol partially amended a tax agreement signed by the Chinese and Brazil governments in 1991, reflecting the latest achievement in domestic laws and international tax rules of both countries, further reducing the tax burden on taxpayers when investing in each other's country, which will promote the bilateral trade, technology, capital and personnel exchanges, as well as boost the economic cooperation and development for both countries.