The OECD has released a set of measures to address Base Erosion and Profit Shifting (BEPS) and perceived flaws in the international tax rules. Many of these recommendations – particularly the minimum standards - will eventually be reflected in domestic laws of participating countries. China has been actively involved in the G20/OECD BEPS project, which aims to reform international tax rules in order to prevent MNCs from artificially shifting profits to low tax jurisdictions.
In this context on 29 June 2016, the State Administration for Taxation (SAT) released the Public Notice Regarding Refining Reporting of Related Party Transaction and Administration of Transfer Pricing Documentation; otherwise known as Notice 42. The Notice is a departure from existing ones and outlines the new transfer pricing compliance requirements in China including:
- Annual Reporting Forms for Related Party Transactions including Country-by-Country Reporting
- Transfer pricing documentation
The European Chamber is delighted to welcome tax specialists from OECD and SAT to explain the new inclusive framework on the BEPS set-up and raise awareness among local business community of the Notice’s implications on China’s commitment to BEPS. Panellists from tax advisory firms, SAT and the OECD's in-house corporate tax department will discuss the impact on their business and tax control in advance and prepare for new challenges and opportunities.
Agenda
14:00 – 14:30 Registration
14:30 – 14:45 Opening remarks and presentation 'OECD's Engagement with China' by Tamas Hajba, Senior Advisory for China, OECD
14:45 – 15:05 Presentation ‘BEPS Implementation & Monitoring Framework’ by Eric Robert, Tax Policy Advisory, Centre of Tax Policy and Administration, OECD
15:05 – 15:30 Presentation on Notice 42, by Jingyu Li, Anti-tax Avoidance Division, SAT
Please note this presentation will be delivered in Chinese without translation. The moderator will provide an English summary prior to the begining of the panel discussion.
15:30 – 16:30 Panel Discussion: Recently released Notice 42 on C-by-C reporting and implications for BEPS localization in China
Panellists: Eric Robert, Tax Policy Advisor, OECD
Mimi Wang, Director Transfer Pricing, KPMG
Tong Ying Ying, Tax Manager, Siemens
Moderator: Leonard Zhang, Transfer Pricing Partner, Ernst & Young
16:30 – 17:00 Q&A
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