Asia is home to the world's oldest civilisations. It is the cradle of some of the most ancient traditions.
But the pace of change in an ever globalising world is picking up. And while governments and taxpayers have long clung to their traditions in taxation and transfer pricing, they must adapt to a rapidly developing global environment.
Transfer pricing rules as they have been traditionally conceived have failed to answer the questions civil society is raising over base erosion and profit shifting. In short, they are failing to deliver the tax developing countries believe they are entitled to.
As Asian countries increasingly flex their economic might around the world, they will look to cast their tax nets wider and crack down on what they see as abusive practices. They will be more vocal in their demands for the rules to be rewritten and they will be more aggressive in pursuing the revenue they believe is owing to them.
All of this leaves some choppy waters for taxpayers in the Asia-Pacific region to navigate. They must ensure they are up to date on the latest national legislation and international guidelines. They must keep abreast of the latest court cases and the precedents they set. And they must ensure they are vigilant in their compliance to avoid some nasty penalties.
For the seventh time, International Tax Review brings you its guide to Asia Transfer Pricing.
In these pages, leading transfer pricing advisers from KPMG in Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Taiwan, Thailand and Vietnam bring you insights and advice from across the region.
We hope you find this guide an invaluable tool as you conduct your business in an ever more lucrative region, in ever more interesting times.
International Tax Review