A new kind of thinking on tax compliance management is steadily emerging. The nascent Tax Compliance Agreement framework is premised on mutual trust between the tax authorities and taxpayers. Time will be required for the building up of such trust. But the first step in the right direction has been taken. Chris Ho, Karmen Yeung and Tracy Zhang of KPMG believe that these changes can have a big impact on the manner in which foreign corporations manage their tax compliance risk in China.
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The OECD had previously missed a June 30 deadline to agree an MLC on amount A; in other news, UK corporation tax bills surged to a record high last year