Category Taxation in China

China and Hong Kong Cooperate on Transfer Pricing

May 18, 2010 Taxation in ChinaTaxation in Hong Kong

Hong KongThe Hong Kong Inland Revenue Department (IRD) and the State Administration of Taxation (SAT) of the People’s Republic of China recently held a public conference, where both administrations demonstrated a commitment to collaborating on issues surrounding transfer pricing (TP) and associated taxation matters. The conference was intended to provide insights into both administrations’ legislative perspectives and increase certainty surrounding transfer pricing and tax avoidance issues for cross-border business.

At the conference the IRD emphasized its acceptance and attempts to closely follow the Organization for Economic Cooperation and Development’s (OECD) Transfer Pricing Guidelines for assessing and reviewing clients’ TP arrangements and methods...

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IMF Identifies ASEAN Economic Challenges

April 27, 2010 International Tax CooperationTaxation in ChinaTaxation in SingaporeTaxation in ThailandTaxation in Vietnam

ASEAN London CommitteeIn a recent speech given by the Deputy Managing Director of the International Monetary Fund (IMF) to the Finance Ministers of the Association of Southeast Asian Nations (ASEAN), the key economic and fiscal issues, that the IMF perceives as currently facing ASEAN nations, were revealed.

On April 26th the IMF published a previously unreleased transcript of a speech given by Naoyuki Shinohara, Deputy Managing Director of the IMF, at the 14th ASEAN Finance Ministers’ Meeting, held on April 8th 2010 in Nha Trang, Vietnam. The speech focused on the key economic challenges the IMF perceives as facing ASEAN member nations...

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China Sets New Tax Goals

March 17, 2010 Taxation in China

Chinatown Parade celebration of 60 years of the PRCThe Government of the People’s Republic of China (PRC) has set out five macro-level goals that will be upheld in its approach to taxation policy in 2010, and taxation authorities of all levels must also follow three new “transformations”, in order to best implement the new goals.

At the recently convened National Taxation Policy and Regulation Working Conference in Shenzhen, Xie Xuezhi, Deputy Administrator of the State Administration of Taxation (SAT), relayed the Chinese Government’s praise to national tax authorities in implementing tax policies and regulations in 2009. He said that in 2010 the Government intends to build upon the progress by implementing five new wide-reaching goals in tax policy implementation.

The new goals consist of sustaining the PRC’s stable and rapid ec...

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China’s Tax Revenue Grows 9%

January 18, 2010 Taxation in China

Chinese Embassy SealTax revenues collected in the People’s Republic of China rose by 9.1 percent in 2009 compared to the previous year.

In a statement published by the Chinese State Administration of Taxation on January 15th the department declared that the country’s tax revenues had risen by CNY524.1 billion in 2009, bringing the collections to CNY6.31 trillion (approx. USD928). The tax revenues growth exceeded Chinese Government set targets by 1.1 percent after an unexpected economic resurgence in June.

Domestic retail sales revenue showed the largest percentage rise in 2009, reaching CNY476.1 billion, 85.4 percent higher than 2008. The increase came as a result of government policies aimed at encouraging domestic consumption...

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Rush of Tax Treaties in December

December 17, 2009 International Tax CooperationTaxation in CanadaTaxation in ChinaTaxation in EUTaxation in FranceTaxation in GreeceTaxation in IrelandTaxation in NetherlandsTaxation in New ZealandTaxation in SingaporeTaxation in SwitzerlandTaxation in UK

UK/Malaysia Double Taxation Agreement protocol signingIncreasing fiscal transparency was an important issue in the economic and political spectrum of the 2009 year. With only a few weeks remaining in 2009, December happened to be one of the most active month of the passing year, with Governments around the globe completing efforts made in negotiations of Double Taxation Agreements (DTA) and Tax Information Exchange Agreements (TIEA).

In an unprecedented step, Switzerland wishes to cease ratification of its DTA with France in protest at the French authorities’ handling of account data stolen from HSBC in Geneva. On December 9th, Eric Woerth, French Budget Minister, confirmed that the French Government had paid €500 million to a former HSBC-Switzerland employee who provided them with details on 130,000 accounts...

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