ITR Search | International Tax Review

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.

November 21 2012

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.

November 21 2012

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.

November 21 2012

Editorial

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

November 21 2012

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.

November 21 2012

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.

November 21 2012

Hong Kong’s revenue commissioner to appeal Nice Cheer Investment ruling

Hong Kong’s highest court will rule on the tax treatment of unrealised gains from trading investments after the Court of Appeal granted leave to the Inland Revenue Department (IRD) commissioner to appeal its decision in the Nice Cheer Investment case.

Joe Dalton, November 21 2012

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?

November 21 2012

Indirect tax increases on the rise

With little sign of economic recovery, governments are increasingly turning to VAT. But there are signs things could change.

Salman Shaheen, November 21 2012

How to avoid a Mexican tax dispute

Greater tax administration scrutiny of supply-chain restructuring and a recent court ruling which threatens to change the litigation environment are big dispute concerns for Mexican taxpayers. Luis Carbajo-Martinez, of Baker & McKenzie, tells International Tax Review how taxpayers can reduce the risk of disputes in Mexico.

November 21 2012

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