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  • China Tax Weekly Update - Issue 26

China Tax Weekly Update - Issue 26

China Tax Weekly Update - Issue 26

China Tax Weekly Update

The followings are included in this issue:

  • OECD releases a series of documents on the continuity BEPS work
    • OECD releases guidance on the implementation of country-by-country reporting
    • Release of BEPS discussion drafts on attribution of profits to permanent establishments and revised guidance on profit splits
      • Discussion Draft on the Attribution of Profits to Permanent Establishments
      • Discussion Draft on the Revised Guidance on Profit Splits
    • Public review sought of BEPS Conforming Changes to Chapter IX of the OECD Transfer Pricing Guidelines
    • Public comments received for the discussion draft on the development of a multilateral instrument to implement the tax treaty related BEPS measures 
  • New DTA signed between China and Romania
  • Administration for tax residence certificates clarified (SAT Announcement [2016] No.40)
  • Rules on Customs Inspection revised (State Council Order No. 670)
  • Further VAT implementation rules from MOF and SAT 
    • MOF and SAT clarify VAT policies for interbank funding arrangements (Cai Shui [2016] No. 70)
    • SAT carries out analysis on the tax burden of industries after the Implementation of VAT reform (Shui Zong Han [2016] No. 172) 
  • Further rules to push forward business system reform
    • State Council issues notice to promote business registration reform (Guo Ban Fa [2016] No. 53)
    • SAFE Announcement [2016] No. 2
  • Further efforts to deepen reform of state tax and local tax collection administration systems
    • SAT Issues the Administrative Measures on Tax-Related Information Query (SAT Announcement [2016] No. 41)
    • SAT to Build Communication Mechanism among Tax Authorities, Private Bodies Providing Tax Professional Services and Their Industry Association as well as Taxpayers (Shui Zong Fa [2016] No. 101) 
  • Public consultation on new framework for formulation of local tax authority-issued tax guidance
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