transfer pricing insider
|
|
- Robyn Julianna Scott
- 5 years ago
- Views:
Transcription
1 transfer pricing insider tm onesource transfer pricing Volume 3, issue 1 april 2009 Author: YINGCHUN ZHAO is a Professor and Director of the Taxation Department at Shanghai Lixing University of Commerce, Shanghai. MICHAEL DONG is the Director of Taxation for Sega Holdings U.S.A., Inc., San Francisco. EFFECTS OF CHINA S NEW EN- TERPRISE INCOME TAX LAW ON MULTINATIONAL ENTERPRISES Source: Yingchun Zhao, Professor and Director of Taxation Department at Shanghai Lixing University of Commerce, Shanghai. Michael Dong, Director of Taxation for Sega Holdings U.S.A, Inc., San Francisco. The new enterprise income tax law does away with different tax treatment of domestic and international multinational enterprises, but uncertainties in the new rules on transfer pricing, contemporaneous documentation, thin capitalization, CFCs, and antiavoidance have temporarily slowed capital investment in China. The new Chinese Enterprise Income Tax Law (EIT Law), enacted on March 16, 2007, has ended different tax treatment for domestic and international multinational enterprises (MNEs), providing an equal tax environment and a level playing field for domestic companies competing with MNEs. On December 6, 2007, the China State Council passed the Implementation Regulations of the Enterprise Income Tax Law ( Regulations ). Both the EIT Law and the Regulations became effective on January 1, Since beginning to attract foreign capital investment in the 1970s, China has accumulated foreign capital in excess of $750 billion. China s foreign capital investment is the highest of all developing countries, and has played an essential role in China s rapid economic growth and will continue to be crucial for its future prosperity. The EIT Law and the Regulations were strongly debated in and among various legislative bodies (e.g., People s Congress) and administrative Effects of china s new enterprise income tax law on multinational enterprises Provisions Negatively Affecting MNEs Uniform rate decrease. Withholding tax. Deduction limitations. Uncertainty in the new provisions. Provisions That Might Affect MNEs Tax preferences for environmental protection and R&D. Repeal of the preferences for export manufacturing. Repeal of tax holiday for newly established production MNEs. Incentives for new technology enterprises in special zones. Transitional rules for existing enterprises. How the New EIT Law Keeps MNEs at Bay Number of permits issued. Number of MNEs from the United States and EU. Foreign capital use. U.S. and EU MNEs investment. Conclusion Exhibits 1-4 Footnotes About OneSource Transfer Pricing Tax & Accounting
2 branches (e.g., Ministry of Finance and the State Administration of Taxation) to avoid jeopardizing foreign capital investment. Prior to the enactment of the EIT Law, China maintained two separate tax systems for domestic enterprises and MNEs, 1 which put domestic enterprises at a competitive disadvantage. In 2005, the Ministry of Finance and the State Administration of Taxation (SAT) conducted a nationwide survey and found that domestic enterprises had a 24.53% effective tax rate, while MNEs had only a 14.89% effective tax rate, which created an overall preferential benefit for MNEs of nearly 10%. The EIT Law basically ended this preferential tax treatment by reconciling the two separate systems into one uniform system. This article reviews and analyzes the provisions within the EIT Law and Regulations that may negatively affect MNE investment in China, as well as provisions that may have neutral or positive effects. It also discusses the immediate reaction of MNEs after the enactment of the EIT Law, draws conclusions from statistics published by the Chinese Ministry of Commerce, and determines that the negative effects on MNE investment, if any, will be short lived. Provisions Negatively Affecting MNEs The EIT Law has unified the prior two separate tax systems and modified some provisions that might have an impact on foreign capital investment. The specific rules are discussed below. Uniform rate decrease. The EIT Law decreases the statutory enterprise income tax rate to 25%, and provides small enterprises with a preferential 20% tax rate. The prior tax law had a 30% statutory tax rate for MNEs, with a 3% local enterprise income tax. For MNEs that are not located in special zones, the new tax rate decreases by 5%, from 30% to 25%. However, for those located within zones, the MNE statutory income tax rate increases from either 24% or 15%. The main purposes of the rate decrease are to reduce the tax burden for domestic enterprises without unreasonably increasing the burden for MNEs, to keep the government s fiscal revenue decrease within a tolerable range, and to reconcile the tax rates with other countries, particularly neighboring countries. 2 The EIT Law repeals preferential tax rates for MNEs located within special zones and replaces them with industry-based preferences. Many MNEs were established in those special zones to benefit from the favorable tax rates (either 24% or 15% before the enactment of the EIT Law). With the repeal of these special rates, MNEs are subject to the new 25% rate phased in over five years (the expected phase-in period is 18% in 2008, 20% in 2009, 22% in 2010, 24% in 2011, and 25% in 2012). Therefore, MNEs in special zones are facing an effective income tax rate increase, while the enterprise income tax rate decreases under the EIT Law. In addition, the preferential 20% tax rate for small enterprises applies only to those with taxable income of less than RMB 300,000, fewer than 100 employees, and total assets of RMB 30 million or less. The majority of MNEs in China are much larger, so it is unlikely that they will benefit from this provision. Withholding tax. The Regulations impose a withholding tax at a flat 10% rate on China-source passive income including dividends, royalties, interest, rents, and capital gains derived by an MNE. 3 This regulatory rate applies to all MNEs unless it is reduced or exempted by a tax treaty. Several of China s tax treaties provide for a lower 5% withholding rate for dividends. However, it is unlikely that the withholding tax can be avoided by restructuring or liquidating an MNE s Chinese subsidiaries or ownership. For example, if an MNE is exiting a Chinese enterprise, the withholding tax applies to the capital gain that is calculated on the difference between the gross proceeds and the sum of the cost basis of the share or other equity interest being sold and the owner s percentage interest in undistributed earnings. Since the withholding tax applies to dividends, it no longer makes sense to reduce the gain on sales by distributing dividends to decrease the owner s percentage interest in undisturbed earnings. The prior law exempted nonresident MNEs from Chinese dividend withholding tax. MNEs of countries that do not have a tax treaty with China will be subject to 10% withholding on dividends and other Chinasource passive income, which will undoubtedly increase their tax burden and overall effective tax rate. Deduction limitations. The Regulations limit entertainment, advertising, and charitable deductions. Business entertainment expenses. The Regulations substantially modify the business entertainment expense deduction by providing a deduction of 60% of the expense incurred, not exceeding 0.5% of the annual sales revenue in the current year. 4 This limit may substantially decrease an MNE s deduction and, therefore, increase its income tax liabilities. The prior tax law allowed MNEs to deduct (1) 0.5% of annual net sales if they did not exceed RMB 15 million, and 0.3% of the amount in excess of RMB 15 million; and (2) 1% of annual gross revenue if it did not exceed RMB 5 million, and 0.5% of any excess over RMB 5 million. Advertising/promotion expenses. The Regulations limit advertising and business promotion expense deductions to 15% of the annual sales revenue for the 2
3 current year. 5 Any nondeductible excess may be carried forward to future years (the number of years allowed is not specified). Prior law allowed MNEs to deduct actual advertising and business promotion expense as incurred. This limitation was put in place because China considers an advertising expense a one-time charge that benefits future periods. Therefore, it is treated as a long-term capitalized expense and may not be deducted in the period incurred. The same reasoning and treatment apply to business promotional expenses. 6 The new provision limits these deductions substantially for certain MNEs, particularly those with hefty advertising and business promotion expenses for cosmetics, food and beverages, entertainment, and health and fitness. Charitable contributions. The Regulations provide that an enterprise may deduct actual charitable contributions as incurred up to 12% of its annual profit. Annual profit refers to the annual accounting profit before income tax. 7 The prior law allowed MNEs to deduct actual charitable contributions as incurred. The limitation 8 will likely reduce deductions for MNEs and increase their income tax liability. China Charity Federation statistics show that approximately 75% of annual charitable contributions are from MNEs, while 15% come from wealthy domestic individuals, 10% from other domestic taxpayers, and only about 1% from domestic enterprises. Uncertainty in the new provisions. The new rules create uncertainty regarding transfer pricing, thin capitalization, controlled foreign corporations (CFCs), and anti-avoidance. Transfer pricing, contemporaneous documentation. 9 The Regulations provide transfer pricing methodologies for related-party transactions. The rules are based on the arm s-length principle, which means that related parties must abide by the same standards as unrelated parties carrying out business transactions in accordance with fair market prices and common business practices. Six methods are provided: (1) comparable uncontrolled price; (2) resale price; (3) cost plus; (4) transaction net margin; (5) profit split; and (6) other methods that are in compliance with the arm s-length principle. Cost-sharing arrangements are covered in a separate article of the Regulations. Although the methods in the Regulations are familiar to MNEs, there are no specific provisions regarding how to calculate and implement them. For example, the Regulations indicate that a cost-sharing arrangement may cover the joint development of intangible assets and labor services, and acknowledge that an enterprise may share costs with related parties based on the principle that costs and expected benefits are to be matched. However, without further details, it is not clear what criteria and guidelines MNEs must follow, such as what constitutes the costs and benefits. The Regulations also require contemporaneous documents and a related-party transaction report when filing annual tax returns with the tax authority, which should include pricing, standards for determining expenses, computation methods, and explanations. It is unclear what must be filed with the annual tax return as opposed to merely held for a future examination. The statute of limitation is ten years from the year in which the transaction takes place. Thin capitalization rule. 10 The EIT Law introduced a thin capitalization rule that disallows an interest deduction on interest-bearing debts or loans from related parties if the debt-to-equity investment ratio exceeds a prescribed percentage. The Regulations define debt and equity. Debt refers to financing directly or indirectly obtained by an enterprise from its related parties that requires repayment of principal and interest. Equity refers to investment obtained by an enterprise without the need to repay principal and interest, and in respect of which the investor is entitled to the appropriate proportion of the net assets of the enterprise. The Regulations do not provide the prescribed ratio for the disallowance. The definition of equity is unclear and may be based on a cost-of-investment approach rather than a fair-market-value approach. The Regulations also do not provide safe harbor debt-to-equity ratios. CFCs. 11 The EIT Law definition of a CFC follows the U.S. statutory definition. The Regulations state that an MNE will be a CFC when China-resident enterprises directly or indirectly hold 10% or more of the total voting shares, and jointly hold more than 50% of the total shares. There is also a substantial control provision when the percentage tests are not met. The Regulations state that the MNE s effective tax rate must be less than 12.5% (less than 50% of China s tax rate) for it to be subject to the CFC provisions. However, there are no detailed guidelines for CFC treatment in the Regulations. General anti-avoidance rule. 12 The EIT Law introduced a general anti-avoidance rule, which says that if an enterprise engages in an arrangement without a reasonable commercial purpose that results in reducing its taxable income, the tax authority has the right to make adjustments based on reasonable methods. The Regulations clarify that without a reasonable commercial purpose applies when the main purpose is the reduction, exemption, or deferral of tax payments. Other than this definition, the Regulations are silent on the essence of anti-avoidance. As shown, the Regulations do not clarify significant issues in the EIT Law. Further interpretation, 3
4 explanation, and implementation details are expected from the Ministry of Finance and the SAT in the form of Tax Circulars and similar releases. However, resolving these ambiguities may take years. Until then, MNEs may be reluctant to dive into the great uncertainty brought by the new EIT Law and the Regulations. Provisions That Might Affect MNEs In his 2007 State of the Union address, Chinese Premier Wen Jiabao called for government efforts to improve economic infrastructure, increase economy efficiency, conserve energy and natural resources, reduce environmental pollution, and rapidly increase economic growth. The EIT Law closely reflects this focus by modifying tax preferences. Tax preferences for environmental protection and R&D. 13 The EIT Law extends preferential tax treatment to enterprises investing in environmental protection, energy and water conservation, and production safety, and the income from these activities will be taxed favorably. For example, qualified income will be entitled to a three-year exemption followed by a three-year tax reduction beginning in the year that the enterprise starts generating business income. The enterprise s R&D expense is deductible at the rate of 150% of the actual expense incurred, with no limitation for incremental increases each year. This deduction provides enterprises with an incentive for new technology R&D to improve China s technological competitiveness. Repeal of the preferences for export manufacturing. The prior tax law provided export MNEs (as well as domestic enterprises) with favorable tax treatment 50% of the applicable income tax rate if the value of the export products was at least 70% of the value of the products manufactured after the tax holiday expired. Those that qualified for the 15% income tax rate were taxed at an even lower 10% rate if they satisfied the 70% requirement. The repeal of this provision will have an adverse effect on manufacturing export enterprises, both domestic and foreign. Repeal of tax holiday for newly established production MNEs. The prior tax law provided production MNEs with a board tax incentive consisting of a two-year exemption followed by a three-year half tax. For the first two years, an MNE s taxable income was exempted if it had been in business for ten years; it would then be taxed at 50% of the applicable income tax rate from the third through the fifth year. This incentive was a tremendous tax benefit for MNEs, and was highly successful in attracting foreign capital into China. With its repeal, an MNE s tax burden will likely increase. However, a 15% tax rate for high and new technology enterprises should apply to a significant number of MNEs. Also, MNEs should be able to alleviate the burden by using the more traditional international tax planning strategies to which they are accustomed. Incentives for new technology enterprises in special zones. The two-year exemption followed by the three-year tax reduction still applies to newly established highand new-technology enterprises (both domestic and MNEs) in some economic special zones. To stimulate and stabilize foreign capital investment in these enterprises, the China State Council recently issued The Notice of Transitional Favorite Tax Treatment for the Newly Established High and New Technology Enterprises in Economic Special Zones and Shanghai Pudong New District. 14 The Notice provides that a high- and new-technology enterprise that is registered after December 31, 2007, will still qualify for a tax exemption for the first two years after the year that the enterprise became profitable, followed by three years of taxes at 25% of the applicable income tax rate for the income generated within the special economic zones and Shanghai Pudong New District. The special economic zones include Shengzhen, Zhuhai, Shantou, Xiamen, and Hainan. Transitional rules for existing enterprises. 15 To reduce possible adverse tax effects on, and avoid possible business interruptions of, existing enterprises as a result of the EIT Law, the law provides transitional rules for MNEs that were established prior to its enactment. MNEs formed after the EIT Law became effective are not entitled to the transitional rules. The rules give existing MNEs the preferences during the transition period to which they would have been entitled under the prior law, including favorable income tax rates and certain exemptions and tax benefits. MNEs that received 24% or 15% preferential tax rates will have their rates increase to 25% over five years. The transitional rules give MNEs a window for strategic international tax planning. How the New EIT Law Keeps MNEs at Bay Since the enactment of the EIT Law, the effect on MNEs can already been seen. These consequences are discussed below. Number of permits issued. During January-February 2007, prior to the enactment of the EIT Law, the number of permits issued nationwide to MNEs was 5,716, an increase of 11.29% compared with the same period in the previous year. However, the number of the permits issued in March 2007, when the EIT Law was enacted, was 3,581, a decrease of 5.09%, and it has continued decreasing, as illustrated in Exhibit
5 Number of MNEs from the United States and EU. From January through February 2007, the number of new MNEs from Asian countries increased 17.16% compared with the same period in the previous year. The Asian countries included Hong Kong, Macau, Taiwan, Japan, Philippines, Thailand, Malaysia, Singapore, Indonesia, and Korea. The number of newly established U.S. MNEs increased slightly by 3.85%, while the number of EU MNEs decreased 3.51%. In March 2007, the number of U.S. MNEs in China was down 6.5%, and EU MNEs decreased 5.83%, compared to the same period in the previous year. The number of MNEs from both the United States and EU has continued dropping (see Exhibit 2). 17 Foreign capital use. During the first two months of 2007, MNE actual use of capital reached $9.709 billion, up 13.04% compared with the same period in the previous year. In March 2007, the use of capital was $6.184 billion, an increase of 9.32%. The overall use of MNE capital from January through October 2007 rose to $ billion, an increase of 11.15%. The use of MNE capital was $4.466 billion in April, up 5.49%, and $4.899 billion in May 2007, up 8.65% (see Exhibit 3). U.S. and EU MNEs investment. During the first two months of 2007, the actual foreign capital invested by U.S. MNEs increased 15.77%. However, the investment increase was only 13.07% in March. Investment in China by MNEs from the 15 EU countries decreased 39.6%. From April through October 2007, U.S. MNE investment was low, while EU MNEs showed a steeper decline with a temporary bounce in September and another decline in October (see Exhibit 4). The exhibits demonstrate that U.S. MNE investment in China hovered at a low level, while EU MNE investment declined sharply, since the enactment of the EIT Law. The EIT Law has had some negative effects on U.S. and EU MNE investment in China, and China must improve its fiscal environment for capital investment. The current level of investment by U.S. and EU MNEs is the direct result of the EIT Law. However, indirect factors also contribute to MNE hesitancy, such as inconsistencies between China s manufacturing-focused capital demand structure and U.S. and EU service-focused capital exportation, as well as China s Greenfield Investment mentality (investment in ground-up production)y and the U.S. and EU MNE investment preference for mergers and acquisitions. 18 In the long run, there should be no cause-and-effect relationship between MNE capital inflow into China and the enactment of the EIT Law. 19 Capital investment by MNEs is not governed by tax laws, but rather by a business-friendly investment environment size of the market, growth of the economy, skilled workforce, and infrastructure. As long as China remains competitive in these areas, the high level of MNE capital investment will be restored and increase in the near future. Conclusion The new EIT Law and the Regulations, particularly uncertainties in the rules on transfer pricing, contemporaneous documentation, thin capitalization, CFC, and anti-avoidance, have made a temporary dent in MNE capital investment in China. The 2007 domestic statistics show a decrease in the number of MNEs formed in China, especially from the United States and the EU. However, this should be short-lived. China is currently working on detailed implementation rules and guidelines, primarily by the Ministry of Finance and SAT, to clarify provisions within the EIT Law and the Regulations. The near-term focus will be on bilateral and multilateral negotiations to provide specific-sector MNEs with benefits that were taken away by the EIT Law and Regulations and to stimulate and maintain the desired level of international capital investment. At present, MNE capital investment is primarily from the countries with low enterprise income tax rates, 20 which make up approximately 76% of total investment in China among the top ten countries. The Chinese government has begun to pay particular attention to the balance of different policies and laws to avoid a possible substantial reduction in international capital inflow or the withdrawal of this investment. Further, an emphasis has been placed on attracting investment from more developed countries, while maintaining the current level of investment from Asia, to improve the quality of investment. U.S. and EU MNE capital investment usually comes with technology and other intellectual property, as well as management expertise, which China desperately needs. In addition, the Chinese government will encourage bilateral and multilateral negotiations and agreements that mutually benefit China and MNEs (e.g., profitability and market share). It will also proactively seek international capital inflow through mergers and acquisitions. These approaches will likely increase investment from MNEs in developed countries, including the United States, Europe, and Japan. In implementing the EIT Law and the Regulations, the Chinese government is expected to provide more detailed guidelines in the form of notices, announcements, and circulars. More desirable provisions for MNEs through bilateral and multilateral agreements, such as Competent Authority agreements, advance pricing agreements, and letter rulings, will be negotiated. China s economy and tax system are very dynamic. MNEs should expect many more new developments that will fill in the tax framework created by the EIT Law and Regulations. 5
6 Exhibit 1. Decrease in Number of New MNE Permits in 2007 Exhibit 1 Exhibit U.S. and EU New MNEs Exhibit 2 Exhibit Actual Use of Foreign Capital Percentage Change Exhibit 3 Exhibit U.S. and EU MNE Investment in China Exhibit 4 Footnotes 1 Wang Degao and Li Jianbo, Tax Preferential Theory for Foreign Direct Investment and Economic Impact Analysis, J. Wuhan U. of Technology (December 2006). 2 A survey conducted by PricewaterhouseCoopers in March 2007 showed that the average enterprise income statutory tax rate for 159 countries is 28.6%, and the average tax rate for China s 18 neighboring countries is 26.7%. 3 Implementation Regulations of Enterprise Income Tax Law of the People s Republic of China (2007) ( Implementation Regulations ), ch. 5 (Withholding at Source); Enterprise Income Tax Law (2007) (EITL), Article Implementation Regulations, Article 43, section 3 (Deduction), ch. 2 (Taxable Income). 5 Implementation Regulations, Article 44, section 3, ch Explanations of Implementation Regulations, China Taxation News, December 17, Implementation Regulations, Article 53, section 3, ch A charitable contribution limitation is common among countries including the U.S. (10%), Korea (7%), Netherlands (6%), and Belgium (5%). 9 Implementation Regulations, Article 110, ch. 6 (Special Tax Adjustments). 10 Implementation Regulations, Article 119, ch. 6; EITL, Article Implementation Regulations, Article 117, 118, ch. 6; EITL, Article Implementation Regulations, Article 120, ch. 6; EITL, Article Implementation Regulations, Article 95, ch. 4 (Tax Incentive); EITL, Article PwC In & Out, 18 JOIT 14 (March 2008). 15 EITL, Article China Ministry of Commerce Information Office, December 14, China Ministry of Commerce statistics indicate that from January-October 2007, the overall number of U.S. MNEs in China decreased 15.93%, and the overall number of EU MNEs decreased 7.28% in the same period of the previous year. 18 China Economy Forecast in 2008, China Science Institute, Center for Forecasting Science. 19 China domestic statistics show that among lowincome tax rate countries, only China has attracted substantial international capital investment. Korea, Malaysia, and Vietnam have relatively low international capital investment, although they have low enterprise income tax rates. In comparison, the United Kingdom and the United States have attracted tremendous foreign capital even though their enterprise income tax rates are comparatively high. 20 The Ministry of Commerce published a list of the top ten countries from January-October 2007: Hong Kong ($ billion), British Virgin Islands ($ billion), Korea ($2.945 billion), Japan ($2.81 billion), Singapore ($2.245 billion), United States ($1.987 billion), Cayman Islands ($1.788 billion), Samoa ($1.457 billion), Taiwan ($1.294 billion), and Mauritius ($907 million). The actual foreign capital investment was 87.05% of the nation wide actual use of foreign capital. 6
7 KEEP TRANSFER PRICING PENALTIES AT ARM S LENGTH! Important Guidance from WG&L! The United States has targeted transfer pricing as an issue of major importance, for both inbound and outbound investments. Therefore, one of the most crucial business and tax considerations for any multinational corporation is how it prices goods, services, and intangibles. WG&L s U.S. International Transfer Pricing examines the case law and regulations and applies those principles to such topics as: Transfer planning studies Presenting positions in the context of litigation or controversy Obtaining an advance pricing agreement (APA) Responding to a summons or examination It explores transfer pricing at work under the constraints of state taxation, customs laws, and other relevant areas. U.S. International Transfer Pricing includes detailed coverage of: The arm s-length standard Essential premises of transfer pricing law The transfer pricing penalty APAs IRS examination and controversy process Don t get caught in the web of complex regulations, risking huge penalties for noncompliance. Let the expert authors of U.S. International Transfer Pricing help you through the planning processes to make the right decisions. Call or visit ria.thomson.com now to learn more about this critical guidance. About the Authors: Sewell, LLP. Associates, New York, New York. Wynne Sewell LLP. INTP6/ Thomson Tax & Accounting. Checkpoint, RIA, PPC and WG&L are registered trademarks of Thomson Professional & Regulatory Inc. Other names and trademarks are properties of their respective owners. TAX & ACCOUNTING
8 Onesource transfer pricing transfer pricing insider is published by: The Tax & Accounting Business of Thomson Reuters onesource.thomsonreuters.com/transferpricing onesource Corporate Solutions Workflow - Software - Services - Consulting - Data Management - Research ONESOURCE INCOME TAX ONESOURCE PROPERTY TAX ONESOURCE ONESOURCE SALES & USE TAX ONESOURCE TRUST TAX Domestic & International Commercial Real Estate WorkFlow Manager Business License Management Trust Tax Services Federal & State Compliance Complex Property Tax Calendar Corporate Registered Agent Trust Tax Software 1099 Reporting Property Tax Compliance Data Exchange Sales & Use Tax Compliance Trust 1099 Solutions FAS 109 Unclaimed Property Entity Manager Telecom Regulatory Compliance Trust & Estate Administration FIN 48 Exemption Certificate Management Estate Planner Fixed Assets Tax Rate Subscription Court Accounting Global Tax Planning Provision Transfer Pricing Speed. Dependability. Teamwork. powered by ONESOURCE. headquarters 2395 Midway Road Carrollton, TX United States onesource.thomsonreuters.com UK Office Monmouth House City Rd United Kingdom +44 (0) onesource.thomsonreuters.co.uk New York Office One New York Plaza, 34th Floor New York, NY United States onesource.thomsonreuters.com/transferpricing tax & accounting 2009 Thomson Reuters/ONESOURCE. All Rights Reserved. 04/09
transfer pricing insider
transfer pricing insider onesource transfer pricing Volume 4, number 2 June 2010 Author: JORGEN JUUL ANDERSEN JORGEN JUUL ANDERSEN is a transfer pricing partner with PricewaterhouseCoopers, currently in
More informationChina Law Update February 2008
China Law Update February 2008 In this second issue of China Law Update for the year 2008, we summarize six new laws and regulations that were issued by various branches of the Chinese government in December
More informationSince January 1, 2008, China has been implementing
Enterprise Income Tax Planning in China by Jinji Wei Jinji Wei (Glen Wei) is a Chinese certified tax adviser and Chinese lawyer and is the tax manager at the Shenzhen office of BDO International. E-mail:
More informationtransfer pricing insider
transfer pricing insider tm onesource transfer pricing Volume 3, issue 1 april 2009 Author: Partho Dasgupta is with Deloitte Haskins & Sells in Delhi. The views expressed are the author s and not necessarily
More informationDomestic Fiscal System and International
Lorenzo Riccardi Vietnam Tax Guide Domestic Fiscal System and International Treaties ^ Springer Part I Vietnamese Tax System 1 Introduction to the Vietnamese Tax System 3 1.1 Legislative Background and
More informationtransfer pricing insider
transfer pricing insider tm onesource transfer pricing Volume 3, issue 1 April 2009 Author: J. Harold McClure, Senior Manager onesource Transfer Pricing The Implications of the Credit Crunch for Intercompany
More informationChina s SAT issues new rules on reporting of related-party transactions and contemporaneous documentation
Arm s Length Standard Global views within reach. China s SAT issues new rules on reporting of related-party transactions and contemporaneous documentation China s State Administration of Taxation (SAT)
More informationNew Enterprise Income Tax Law Promulgated in China
March 2007 For more information about our Israel-related practice, please visit www.mofo.com/israel or our Hebrew website at www.mofo.co.il New Enterprise Income Tax Law Promulgated in China A Hebrew version
More informationCHINA TRANSFER PRICING IMPLEMENTING MEASURES - BEYOND THE COMPLIANCE REQUIREMENTS
CHINA TRANSFER PRICING IMPLEMENTING MEASURES - BEYOND THE COMPLIANCE REQUIREMENTS JANUARY 2009 In our Newsletter of 12 January 2009, we reported that the China State Administration of Taxation ("SAT")
More informationTaxation Systems on Taiwan Outward Investment in China
Taxation Systems on Taiwan Outward Investment in China Der-cherng Lo Department of Public Finance National Chengchi University January 2008 Contents of presentation I. Introduction II. Current regulations
More informationJONES DAY COMMENTARY
December 2007 JONES DAY COMMENTARY Implementation Regulations for the New Enterprise Income Tax Law of China On March 16, 2007, China passed the new Enterprise Income Tax Law (the EIT Law ), which will
More informationChina s SAT Issues Draft Guidance on Transfer Pricing Rules and BEPS Initiatives
China s SAT Issues Draft Guidance on Transfer Pricing Rules and BEPS Initiatives China s State Administration of Taxation (SAT) on 17 September released a discussion draft of Special Tax Adjustment Implementation
More informationThe Impact of China's New Enterprise Income Tax Law on M&A Transactions and Advance Pricing Agreements
The Impact of China's New Enterprise Income Tax Law on M&A Transactions and Advance Pricing Agreements Julie Zhang Partner, Mayer Brown JSM +86 10 6599 9299 julie.zhang@mayerbrownjsm.com Ray Dybala Partner,
More informationInternational Tax China Highlights 2017
International Tax China Highlights 2017 Investment basics: Currency Renminbi (RMB) or Yuan (CNY) Foreign exchange control The government maintains strict exchange controls, although the general trend has
More informationCHINA RELEASES LONG AWAITED TRANSFER PRICING IMPLEMENTING MEASURES
CHINA RELEASES LONG AWAITED TRANSFER PRICING IMPLEMENTING MEASURES JANUARY 2009 On 8 January 2009, the China State Administration of Taxation ("SAT") formally released the long awaited Special Tax Adjustment
More informationStructuring Investment into China
Structuring Investment into China Lili Zheng, International Tax Partner Deloitte & Touche LLP March 2, 2003 1 Agenda Post-WTO Investing in China A Common Myth About Investments in China Structuring Your
More informationCambodia Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: June Cambodia (2015) (2)
Cambodia Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: June 2015 Cambodia (2015) (2) 1 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of
More informationTransfer Pricing Updates and Challenges in Southern China
Presented by : Rhett Liu, PricewaterhouseCoopers, Transfer pricing partner Philip Hung, PricewaterhouseCoopers, Tax Director Date: 9 October 2013 Transfer Pricing Updates and Challenges in Southern China
More informationControlled Foreign Company (CFC) rules and the latest development in the PRC. Dongmei (Doreen) Qiu Xiamen University, PRC
Controlled Foreign Company (CFC) rules and the latest development in the PRC Dongmei (Doreen) Qiu Xiamen University, PRC Background Shandong Tax Bureau administrative ruling (Dec. 2014) involving application
More informationCHINA BRIEFING The Practical Application of China Business
CHINA BRIEFING The Practical Application of China Business Transfer Pricing in China Urumqi XIN JIANG UYGHUR A. R. Shenyang LIAONING BEIJING GANSU Hohhot Designing and Implementing NINGXIA a Transfer Pricing
More informationTransfer Pricing Country Summary China
Page 1 of 8 Transfer Pricing Country Summary China March 2018 Page 2 of 8 Legislation Existence of Transfer Pricing Laws/Guidelines The transfer pricing legislation in China is mainly contained in the
More informationInternational Tax China Highlights 2019
International Tax Updated January 2019 Recent developments: For the latest tax developments relating to China, see Deloitte tax@hand. Investment basics: Currency Renminbi (RMB) or Yuan (CNY) Foreign exchange
More informationtransfer pricing insider
transfer pricing insider onesource transfer pricing Volume 2, issue 3 december 2008 Author: Regina Deanehan, Claudia Kuhnlein, Martin Skretkowicz, David Swenson, Veli-Matti Tala, Hugo Vollebregt, and Nadia
More informationTAXATION AND FOREIGN EXCHANGE
The following is a summary of certain PRC and Hong Kong tax consequences of the ownership of H Shares by an investor that purchases such H Shares in connection with the Global Offering and holds the H
More informationTransfer Pricing in the People s Republic of China
Transfer Pricing in the People s Republic of China FOREWORD It has been long awaited for the Chinese government to promulgate the contemporaneous transfer pricing documentation rules to formalize the compliance
More informationTAXATION AND FOREIGN EXCHANGE
TAXATION The following is a summary of certain PRC and Hong Kong tax consequences to investors purchased under the [REDACTED] and held as capital assets. This summary does not purport to address all material
More informationINTERNATIONAL TAX PLANNING. Singapore Domestic Law And Treaties SHANKER IYER FCA
INTERNATIONAL TAX PLANNING Singapore Domestic Law And Treaties SHANKER IYER FCA Contents Singapore Tax System Corporate & personal Recent tax developments What makes Singapore an attractive centre for
More informationChina Transfer Pricing Overview Presented by Catherine Tse Mazars Hong Kong
China Transfer Pricing Overview Presented by Catherine Tse Mazars Hong Kong Agenda Overview of Transfer Pricing in China Transfer Pricing Framework OECD TP Guidelines Comparable Company Data Audit and
More informationInternational Tax Turkey Highlights 2018
International Tax Turkey Highlights 2018 Investment basics: Currency Turkish Lira (TRY) Foreign exchange control The TRY is fully convertible, at least from the Turkish side, to the extent Turkey is recognized
More informationTALKING Points. FDI in China s Middle Enterprise Sector. Lim Lee Meng RSM Chio Lim
TALKING Points FDI in China s Middle Enterprise Sector Lim Lee Meng RSM Chio Lim July 2008 July 2008 TALKING Points Inbound foreign direct investment in China, a sphere long dominated by large multinationals,
More informationMongolia Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: June 2015
Mongolia Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: June 2015 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 6 3 Indirect
More informationA rapidly changing tax landscape Recent Asian tax developments
A rapidly changing tax landscape Recent Asian tax developments Michael Velten Partner Tax and Legal Deloitte The tax environment in Asia continues to evolve. The diversity of tax systems in Asia (and their
More informationTAXATION AND FOREIGN EXCHANGE
TAXATION OF SECURITIES HOLDERS The following is a summary of certain PRC and Hong Kong tax consequences of the ownership of H Shares by an investor that purchases such H Shares in connection with the Global
More informationChina Tax Monthly 2015 Midyear Review
China Tax Monthly 2015 Midyear Review Beijing/Hong Kong/Shanghai January - June 2015 China Tax Monthly is a monthly publication of Baker & McKenzie s China Tax Group. In this Issue 1. Anti-avoidance and
More informationU.S. Tax Reform: The Current State of Play
U.S. Tax Reform: The Current State of Play Key Business Tax Reforms House Bill Senate Bill Final Bill (HR 1) Commentary Corporate Tax Rate Maximum rate reduced from 35% to 20% rate beginning in 2018. Same
More informationInternational Tax Taiwan Highlights 2018
International Tax Taiwan Highlights 2018 Investment basics: Currency Taiwan Dollar (NTD) Foreign exchange control Foreign exchange transactions are administered by the central bank. A limit of USD 50 million
More informationInternational Tax Russia Highlights 2018
International Tax Russia Highlights 2018 Investment basics: Currency Russian Ruble (RUB) Foreign exchange control Some exchange control restrictions apply to Russian residents (including Russian citizens
More informationInternational Tax Taiwan Highlights 2019
International Tax Updated January 2019 Recent developments: For the latest tax developments relating to Taiwan, see Deloitte tax@hand. Investment basics: Currency Taiwan Dollar (NTD) Foreign exchange control
More informationTransfer Pricing - Japan
Transfer Pricing - Japan 1. History (1) TP provision for international transactions enacted as Article 66-5 (now Article 66-4) of the Special Taxation Measures Law ( STML ) in 1986 (2) APA created by a
More informationCHINA GLOBAL GUIDE TO M&A TAX: 2017 EDITION
CHINA 1 CHINA INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? A couple of tax circulars have been released by the State
More informationwts study Global WTS PE Study A high-level overview of most discussed PE issues in EU, OECD and BRICS countries
wts study Global WTS PE Study A high-level overview of most discussed PE issues in EU, OECD and BRICS countries Table of Contents Preface 3 Conclusions at a glance 4 Summary from the survey 5 Detailed
More informationChina Law Update December 2006
China Law Update December 2006 table of contents In this issue of China Law Update, we summarize a variety of new banking laws and regulations that were enacted in late 2006. 3 Revised PRC Banking Supervision
More informationTransfer Pricing Country Summary Turkey
Page 1 of 8 Transfer Pricing Country Summary Turkey August 2018 Page 2 of 8 Legislation Existence of Transfer Pricing Laws/Guidelines Formal transfer pricing rules were introduced in Turkey on 21 June
More informationTransfer Pricing Country Summary Ghana
Page 1 of 6 Transfer Pricing Country Summary Ghana September 2018 Page 2 of 6 Legislation Existence of Transfer Pricing Laws/Guidelines Ghana published the Transfer Pricing Regulations, 2012 (L.I 2188)
More informationRafic H. Barrage. Partner, Washington DC
PRC Tax Update July 12, 2011 Julie Zhang Partner, Beijing +86 10 6599 9299 julie.zhang@mayerbrownjsm.com Rafic H. Barrage Partner, Washington DC +1 202 263 3321 rhbarrage@mayerbrown.com Astrid Pieron Partner,
More informationREGULATORY OVERVIEW FOREIGN INVESTMENT
Our Company principally engages in the manufacture and sale of optical fibre cable products through our PRC operating subsidiaries namely, Nanfang Communication and Yingke. This section sets out a summary
More informationTransfer Pricing Country Summary Turkey
Page 1 of 6 Transfer Pricing Country Summary Turkey 20 July 2015 Page 2 of 6 Legislation Existence of Transfer Pricing Laws/Guidelines Formal transfer pricing rules were introduced in Turkey on 21 June
More informationMANAGING INTERNATIONAL TAX ISSUES
MANAGING INTERNATIONAL TAX ISSUES Starting A Business Retirement Strategies Operating A Business Marriage Investing Tax Smart Estate Planning Ending A Business Off to School Divorce And Separation Travel
More informationTaiwan. Country M&A Team Country Leader ~ Steven Go Legal Service: Eric Chao-An Tsai Ross Yang Tax Service: Tony Lin Elaine Hsieh
Taiwan Country M&A Team Country Leader ~ Steven Go Legal Service: Eric Chao-An Tsai Ross Yang Tax Service: Tony Lin Elaine Hsieh Mergers & Acquisitions Asian Taxation Guide 2008 Taiwan March 2008 PricewaterhouseCoopers
More informationTax in China Newsletter Autumn 2017
Tax in China Newsletter Autumn 2017 Contact CBBC Lise Bertelsen E: lise.bertelsen@cbbc.org Contact PwC in the UK Mike Curran E: mike.curran@uk.pwc.com T: 0207 213 8190 Contact PwC In China Anthea Wong
More informationtransfer pricing insider
transfer pricing insider onesource transfer pricing Volume 2, issue 3 december 2008 Chinese Contract Manufacturing Structures: Navigating the New Landscape Source: WG&L Journal of International Taxation
More informationBASE EROSION AND PROFIT SHIFTING ISSUES : THAILAND
BASE EROSION AND PROFIT SHIFTING ISSUES : THAILAND ECOSOC Special Meeting on International Cooperation in Tax Matters 5 June 2014 Phensuk Sangasubana The Revenue Department, Thailand CONTENTS Background
More informationNewsletter No. 77. A brief introduction to the legal environment for investments in Vietnam. December 2012
Newsletter No. 77 (EN) A brief introduction to the legal environment for investments in Vietnam December 2012 All rights reserved Lorenz & Partners 2012 Although Lorenz & Partners always pays great attention
More informationChina s SAT issues new rules to improve administration of special tax investigations and Mutual Agreement Procedures
1 See Deloitte Tax Analysis on Bulletin 42: https://www2.deloitte.com/content/dam/deloitte/cn/documents/tax/ta-2016/deloitte-cn-tax-tap2412016-en-160713.pdf 2 See Deloitte Tax Analysis on Bulletin 64:
More informationpwc 1 st Communiqué of Corporate Tax Law 1 ST Communiqué of Corporate Tax Law
1 st Communiqué of Corporate Tax Law This booklet is not intended for definite advice but merely as an explanatory guide. We would strongly recommend that readers seek professional advice before making
More informationSAT issues administrative measures for special tax investigation adjustments and mutual agreement procedures
News Flash China Tax and Business Advisory SAT issues administrative measures for special tax investigation adjustments and mutual agreement procedures March 2017 Issue 8 In brief On 17 March 2017, the
More informationTAIWAN. Country M&A Team Country Leader ~ Steven Go Elliot Liao Eric Chao-An Tsai Tony Lim Violet Lo. 263 PricewaterhouseCoopers
263 PricewaterhouseCoopers TAIWAN Country M&A Team Country Leader ~ Steven Go Elliot Liao Eric Chao-An Tsai Tony Lim Violet Lo 264 PricewaterhouseCoopers Name Designation Office Tel Email Steven Go Partner
More informationTax and Investment Facts
China Tax and Investment Facts A Glimpse at Taxation and Investment in China WTS China Co., Ltd. China Table of Contents 1 Types of Business Structure / Legal Forms of Companies 4 2 Corporate Taxation
More informationImproving the Administration of Bilateral Advance Pricing. Arrangements in China
Improving the Administration of Bilateral Advance Pricing Arrangements in China Hui Zhang 1 Abstract- This paper examines the prospects for using bilateral advance pricing arrangements (bilateral APA)
More informationSUMMARY OF INTERNATIONAL TAX LAW DEVELOPMENTS
SUMMARY OF INTERNATIONAL TAX LAW DEVELOPMENTS SIMPSON THACHER & BARTLETT LLP FEBRUARY 12, 1998 In the past year there have been many developments affecting the United States taxation of international transactions.
More informationGlobal Transfer Pricing Review
GLOBAL TRANSFER PRICING SERVICES Global Transfer Pricing Review Czech China Republic kpmg.com/gtps TAX 2 Global Transfer Pricing Review China KPMG observation With nearly 30 years of history in enforcing
More informationChina Tax Newsletter. January 2014
BDO China Shu Lun Pan Certified Public Accountants LLP LIXIN Certified Tax Agents Co., Ltd China Tax Newsletter Our tax newsletter for this month covers: 1. Goods Meeting Certain Requirements that Are
More informationInternational Tax Russia Highlights 2019
International Tax Updated January 2019 Recent developments: For the latest tax developments relating to Russia, see Deloitte tax@hand. Investment basics: Currency Russian rouble (RUB) Foreign exchange
More informationORBITAX INTERNATIONAL TAX RESEARCH AND COMPLIANCE EXPERT
ORBITAX INTERNATIONAL TAX RESEARCH AND COMPLIANCE EXPERT Comprehensive Analysis of Tax Regimes with Embedded Tools to Put Your Research into Action Orbitax International Tax Research and Compliance Expert
More informationU.S. Tax Reform: The Current State of Play
Key Business Tax Reforms Corporate Tax Rate House Bill Senate Bill Commentary Maximum rate reduced from 35% to 20% rate beginning in 2018. Personal service corporations would be subject to flat 25% rate.
More informationChina s SAT issues China advance pricing arrangement annual report for 2016
EY China TP Alert China s SAT issues China advance pricing arrangement annual report for 2016 On 8 October 2017, China s State Administration of Taxation ( SAT ) issued the China Advance Pricing Arrangement
More informationTAX REPORT FOR 2016 FINANCIAL YEAR
TAX REPORT FOR 2016 FINANCIAL YEAR (YEAR ENDED 30 JUNE 2016) INTRODUCTION Blackmores has been a leading natural health company for more than 80 years, delivering the highest quality natural healthcare
More informationWhat is Transfer Pricing and Why is it Important?
UN-ATAF Workshop on Transfer Pricing Administrative Aspects and Recent Developments Ezulwini, Swaziland 4-8 December 2017 LEARNING OBJECTIVES What is transfer pricing? INTRODUCTION TO TRANSFER PRICING
More informationChina s SAT publishes new rules on beneficial owners
World Tax Advisor Connecting you globally. 23 February 2018 China s SAT publishes new rules on beneficial owners On 3 February 2018, China s State Administration of Taxation (SAT) published new rules (Bulletin
More informationNational Tax Agency, Japan
(Mutual Agreement Procedures) Report 214 When international double taxation arises from transfer pricing adjustments or other tax adjustments, the National Tax Agency ( NTA ) enters into Mutual Agreement
More informationTransfer Pricing Documentation Requirements
Articles China (People's Rep.) Andreas Riedl and Thomas Steinbach* Transfer Pricing Documentation Requirements The authors compare the documentation standard arising from the BEPS Action 13 Final Report
More informationTaiwan Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: July 2016
Taiwan Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: July 2016 Contents 1 Corporate Income Tax 1 2 International Treaties for the Avoidance of Double Taxation 7 3 Indirect
More informationInternational Tax Slovakia Highlights 2019
International Tax Updated January 2019 Investment basics: Currency Euro (EUR) Foreign exchange control No restrictions are imposed on the import or export of capital, and repatriation payments may be made
More informationInternational Tax. international tax developments in the Asia Pacific region. February 2015
International Tax A Hong Kong perspective on key international tax developments in the Asia Pacific region February 2015 An overview of key international tax developments and structuring considerations
More informationSignificant Revisions to US International Tax Rules
Legal Update August 25, 2010 Significant Revisions to US International Tax Rules The Education Jobs and Medicaid Assistance Act of 2010 (Pub. L. No. 111-226) (the Act ) became law on August 10, 2010. While
More informationGUIDELINE ON TURKISH TRANSFER PRICING RULES
GUIDELINE ON TURKISH TRANSFER PRICING RULES CentrumConsulting www.centrumdanismanlik.com.tr 1 Reference to the Arm s Length Principle The Arm s Length Principle in Turkish legislation means that prices
More informationKOREA GLOBAL GUIDE TO M&A TAX: 2017 EDITION
KOREA 1 KOREA INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? Korea has long been endeavoring to adopt tax policies in
More informationTable of Contents. Part I La Brienza Winery: Tax Trouble in Wine Country. Chapter 1 Introduction: The Vital Role of Tax in Global Management
Table of Contents Part I La Brienza Winery: Tax Trouble in Wine Country Chapter 1 Introduction: The Vital Role of Tax in Global Management La Brienza Winery, Present Day...3 The Two Objectives of International
More informationIssues in International Corporate Taxation: The 2017 Revision (P.L )
Issues in International Corporate Taxation: The 2017 Revision (P.L. 115-97) Jane G. Gravelle Senior Specialist in Economic Policy Donald J. Marples Specialist in Public Finance May 1, 2018 Congressional
More information3rd International Conference on Management, Education Technology and Sports Science (METSS 2016)
3rd International Conference on Management, Education Technology and Sports Science (METSS 2016) Study on Departure Tax Refund Scheme for Overseas Tourists in China -- Take Hainan Province as an Example
More informationThis guide introduces the major taxes applicable to foreign investors doing business in China and outlines recent legislative developments.
TAXATION This guide introduces the major taxes applicable to foreign investors doing business in China and outlines recent legislative developments. Income taxes Enterprise income tax Historically, one
More informationOverhaul of China s Individual Income Tax Law
Overhaul of China s Individual Income Tax Law Summary The 7th amendment to China s Individual Income Tax Law (the New Law) was completed with release of the Implementation Rules to the Individual Income
More informationSAT s new rules on advance pricing arrangements reflect its new thinking on tax administration
News Flash China Tax and Business Advisory SAT s new rules on advance pricing arrangements reflect its new thinking on tax administration October 2016 Issue 29 In brief On 11 October 2016, the State Administration
More informationADVANCE PRICING ARRANGEMENT PROGRAM REPORT
ADVANCE PRICING ARRANGEMENT PROGRAM REPORT 2017 Competent Authority Services Division International and Large Business Directorate International, Large Business and Investigation Branch Canada Revenue
More informationAsia-Pacific update. TEI International Tax Planning Houston. 21 February 2017
Asia-Pacific update TEI International Tax Planning Houston 21 February 2017 Disclaimer EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited,
More informationIRS Releases Proposed Anti-Hybrid Regulations
Legal Update January 2, 2019 IRS Releases Proposed Anti-Hybrid Regulations The US Tax Cuts and Jobs Act of 2017 ( TCJA ) 1 added new sections 245A(e) and 267A to the Internal Revenue Code of 1986 (the
More informationU.S. Tax Reform. 33 rd Annual TEI-SJSU High Tech Tax Institute November 14, 2017
U.S. Tax Reform 33 rd Annual TEI-SJSU High Tech Tax Institute November 14, 2017 David Forst, Partner Fenwick & West LLP Nathan Giesselman, Partner Skadden, Arps, Slate, Meagher & Flom LLP Sajeev Sidher,
More informationOverview of Transfer Pricing Regulations. CA Akshay Kenkre
Overview of Transfer Pricing Regulations CA Akshay Kenkre 1 What is Transfer Pricing What is Transfer Price? A Price at which one person transfers physical goods, services, tangible or/ and intangibles
More informationSENATE TAX REFORM PROPOSAL INTERNATIONAL
The following chart sets forth some of the international tax provisions in the Senate Finance Committee s version of the Tax Cuts and Jobs Act bill, as approved by the Senate Finance Committee on November
More informationCheckpoint International Tax Sources All International Tax Sources
Checkpoint International Tax Sources All International Tax Sources Actions on Decisions (1967 - Present) Advance Notices of Proposed Rulemaking & Treasury Decisions American Federal Tax Reports (Prior
More informationPapua New Guinea Tax Profile
Papua New Guinea Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: September 2016 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation
More informationUS TAXATION SYSTEM. Omri Yaniv International Tax Manager, PwC
US TAXATION SYSTEM Omri Yaniv International Tax Manager, PwC US Taxation System - List of Topic Basis of taxation Taxation of foreign corporations US domestic law US tax treaties Types of U.S. entities
More information2007 Update to Doing Business in China via the Cayman Islands
2007 Update to Doing Business in China via the Cayman Islands by fred greguras and bart bassett Many companies doing business in China are using a structure which includes a company formed under the laws
More informationChina s move to improve its international taxation policies by virtue of G20 tax reform
News Flash China Tax and Business Advisory China s move to improve its international taxation policies by virtue of G20 tax reform April 2015 Issue 16 In brief Earlier this month, at a seminar in Hong
More informationSetting up your Business in the PRC Issues to consider
The People's Republic of China (PRC) is the second largest economy by nominal GDP in the world after the US. In recent years, the PRCs economic growth continued in spite of the world economic crisis. The
More informationThe Investment Lawyer
The Investment Lawyer Covering Legal and Regulatory Issues of Asset Management VOL. 25, NO. 3 MARCH 2018 REGULATORY MONITOR Private Funds Update By Frank Dworak and Adam Tejeda The Tax Cuts and Jobs Act
More informationPRC Individual Income Tax Reform
November 2018 Tricor operating companies that provide core services in China & Hong Kong: Tricor Services Limited Tricor Investor Services Limited Tricor Consultancy (Beijing) Limited #1 Provider of Business,
More informationResolving transfer pricing controversies, handling audits and queries, and best practices in TP documentation: A practical guide
Resolving transfer pricing controversies, handling audits and queries, and best practices in TP documentation: A practical guide Douglas Fone Global Partner, Transfer Pricing Associates 1 Content 1. Introduction
More informationTransfer Pricing Country Summary Australia
Page 1 of 9 Transfer Pricing Country Summary Australia July 2018 Page 2 of 9 Legislation Existence of Transfer Pricing Laws/Guidelines Legislation pertaining to transfer pricing for income years starting
More informationTransfer pricing of intangibles
32E30000 - Tax Planning of International Enterprises Transfer pricing of intangibles Aalto BIZ / May 2, 2016 Petteri Rapo Alder & Sound Mannerheimintie 16 A FI-00100 Helsinki firstname.lastname@aldersound.fi
More information