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Welcome to the third edition of China – Looking Ahead, a series of articles published in association with KPMG.

This year's publication continues the previous years' theme of addressing how China is modernising its tax system, even introducing some ideas first seen overseas, while retaining the right to shape it according to its own needs.

The articles start with a look at what the OECD's work on base erosion and profit shifting will mean for China and continue with studies of, for example, transfer pricing, the move to a single VAT system, exit challenges for private-equity investors and the re-emergence of tax incentives through the establishment of the Qianhai Cooperation Zone and the Shanghai Pilot Free Trade Zone. Including the foreword, there are 14 articles. Watch out, in particular, for the focuses on the real estate, transportation and logistics, healthcare & pharmaceuticals and the auto industries.

The more and more you look at China's tax system, you see a regime that is developing quickly, but also one where, like in other places, investors have to stay razor-sharp to be aware of local differences, particularly in how the rules are enforced. This probably applies nowhere else in the same way as it does in China.

We hope these articles will help you when dealing with your tax affairs in China.

Ralph Cunningham

Managing editor

International Tax Review

more across site & bottom lb ros

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The Italian government published plans to levy capital gains tax on cryptocurrency transactions, while Brazil and the UK signed a new tax treaty.
Multinational companies fear the scrutiny of aggressive tax audits may be overstepping the mark on transfer pricing methodology.
Standardisation and outsourcing are two possible solutions amid increasing regulations and scrutiny on transfer pricing, say sources.
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The UN’s decision to seek a leadership role in global tax policy could be a crucial turning point but won’t be the end of the OECD, say tax experts.
The UN may be set to assume a global role in tax policy that would rival the OECD, while automakers lobby the US to change its tax rules on Chinese materials.
Companies including Valentino and EveryMatrix say the early adoption of EU public CbCR rules could boost transparency of local and foreign MNEs, despite the short notice.
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Tax authorities and customs are failing multinationals by creating uncertainty with contradictory assessment and guidance, say in-house tax directors.
The CJEU said the General Court erred in law when it ruled that both companies benefitted from Italian state aid.