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?
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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