1. Latest News
  2. Submit Press Release

Hong Kong Releases Advance Pricing Guidelines; China Explores Advance Tax Ruling System

Hong Kong’s Inland Revenue has released its long-awaited Advance Pricing Agreement guidelines, which will initially focus on negotiating bilateral

 
 
logo_blue
PRLog - April 25, 2012 - SUNNYVALE, Calif. -- (Sunnyvale, CA) - Hong Kong’s Inland Revenue has released its long-awaited Advance Pricing Agreement guidelines, which will initially focus on negotiating bilateral and multilateral APAs specifically with jurisdictions with which Hong Kong has a Double Tax Agreement.

According to the Hong Kong APA guidelines, only resident and non-resident companies with a Permanent Establishment (PE) generating taxable income in Hong Kong can apply for an Advance pricing Agreement. Companies or PE’s which do not make taxable profits may not be eligible for the APA procedure which is aimed at reducing the risk of double taxation.

The APA procedure will require various documents to be submitted in stages defined below:
* The initial pre-filing
* Formal application
* Evaluation and analysis
* Negotiation and agreement
* Drafting , agreement and monitoring

China Authorities Explore Private Tax Ruling System

The Chinese tax authorities are considering proposals to implement an advance ruling system that would simplify tax administration and streamline procedures for filing taxes in the country.

The move could prove beneficial to multinationals that are currently grappling with China’s complex tax system.

The focus of the Advance Tax ruling (also referred to as Private Tax ruling) is improved taxpayer service by not only helping tax payers comply with the respective tax regulations, but also providing them tax related risk management advice.

Please call/email for more details.

Get the latest press releases and updates on international tax, compliance and other legal news at Nair & Co. Industry Alerts.

--- End ---

Click to Share

Contact Email:
***@gmail.com
Source:Nair & Co.
Location:Sunnyvale - California - United States
Industry:Business
Tags:advance pricing guidelines, advance tax ruling, indirect taxes, expat tax advice
Shortcut:prlog.org/11858496
Verified Account Email Address
Verified Account Phone Number

Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Latest Press Releases By “

More...

Trending News...



Like PRLog?
9K2K1K
Click to Share