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China

  • Editorial

  • Foreword

    Khoonming Ho, Tax Partner in charge of China and Hong Kong SAR, KPMG

  • Ever challenging tax audit environment

    David Ling, Eileen Sun and Bruce Xu discern future trends in tax audits from audit cases conducted in the past year and tax compliance measures to be rolled out in coming years.

  • Advance rulings – a giant step for China

    Tracy Zhang, William Zhang and Karmen Yeung advise that Chinese tax authorities are aiming to provide more enhanced taxpayer services, for example, guiding taxpayers to comply with regulations voluntarily, helping taxpayers manage risks and providing taxpayers with tailored assistance.

  • New landscape of Chinese tax treaties

    At an operational level, in contrast to China’s willingness to enter into new tax treaties, the PRC tax authorities have shown a clear propensity towards a more restrictive tax treaty interpretation and administration approach that, in practice, has served to limit foreign investors’ ability to access tax treaty benefits, explain Christopher Xing, Chris Ho and Roger Di.

  • Has the Vodafone decision in India made China change course?

    Perhaps the most significant development in China’s corporate income tax (CIT) arena in recent years is the country’s adoption of general anti-avoidance rules (GAAR), advise Abe Zhao, Grace Xie and Jean Ngan Li. Their introduction indicates that China is taking firm action to rein in abusive tax planning behaviour that results in tax losses, and is bridging the gap with well-established international practices.

  • Lures and challenges of Chinese tax rules for private equity

    China has rapidly become one of the world’s premier destinations for private equity (PE) investment and sources of PE fund raising. John Gu, Paul Ma and Darren Bowdern expound the opportunities and risks in Chinese tax rules for PE funds.

  • Firmer stance on transfer pricing enforcement

    Chi Cheng, Irene Yan and Kelly Liao observe that some of the local tax jurisdictions within China where subsidiaries of foreign multinationals are concentrated, have seen their tax collections in 2012 drop by as much as 30%. Given this overall deterioration of the economic environment, will China continue to press ahead with its aggressive transfer pricing agenda?

  • VAT reform – into the future

    On January 1 2012, the Chinese government took a giant step forward in its plan to replace the dual system of indirect taxes in China, being Business Tax (BT) and Value Added Tax (VAT), with a single VAT across both the goods and services sectors. Lachlan Wolfers, John Wang and Shirley Shen envision how the process that started with the commencement of a pilot scheme in Shanghai will progressively expand across China.

  • Financial services – the last frontier for VAT reform

    Lewis Lu, Lachlan Wolfers and Christopher Abbiss agree that the future of China’s financial services industry is at a critical juncture with the proposed reforms of indirect taxes. The choices to be made will highlight whether the government favours international competitiveness and expansion of the sector over the maintenance of existing tax revenues.

  • Chinese Customs in uncertain times

    Since the 2008 global financial crisis developed countries have been trying to repatriate manufacturing and labour-intensive industries in developing countries are facing mounting competition. Meanwhile, trade protectionism is regaining momentum in a number of jurisdictions. Lilly Li, Eric Zhou and Anthony Chau express the concern that these factors make it more complex to analyse and predict the trends of world trades.

  • Road to a comprehensive IIT system

    The State Council has indicated that a key mechanism of reforming the income distribution regime is to refine the Chinese individual income tax (IIT) system. Vincent Pang and Michelle Zhou examine how this will be done and look at the permanent establishment (PE) implications of cross-border secondment and implication of social security contributions for foreign employees and employers.

  • Will tax help save the Chinese environment?

    Jean Ngan Li, Sunny Leung and Jessica Xie explain that Chinese government has introduced measures, including tax and financial incentives, to ensure that the breakneck economic growth in China can be sustained in the long-term and is not achieved by sacrificing the natural environment.

  • Property tax: Where does it go from here?

    For years, some policy advisers have advocated the use of property tax as a mechanism to cool down the real estate market. Part of the rationale is that a greater amount of supply would help drive down the market price. But would it? Jennifer Weng, Tracy Zhang and Jean Jin Li examine the impact that tax will have on the property market in China.

  • New Hong Kong tax initiatives in the pipeline

    The Hong Kong government and the Inland Revenue Department (IRD) have embarked on a series of initiatives aimed at enhancing Hong Kong’s status as an international financial centre. Ayesha Lau, Curtis Ng and John Timpany describe key recent developments including DTAs, Islamic finance, TIEAs and APAs.


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International Correspondents

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