In this issue of China Tax Update, we will discuss the major China tax developments in the second quarter of 2022, including the latest development in the “aligned arrangement” for customs valuation and transfer pricing
On 16 May 2021, the People’s Republic of China’s Customs Tariff Commission of the State Council issued Circular [2021] No. 5 to extend the effective period for the second product exclusion list for the second batch of US products subject to Chinese retaliatory tariffs from 19 May 2021 to 25 December 2021.
China’s Export Control Law (“ECL”) came into effect on 1 December 2020, providing a framework to a series of separate administrative regulations on export controls issued prior to the law’s enactment.
In brief The State Administration of Foreign Exchange (SAFE) recently released the Service Trade Foreign Exchange Management Policy Q&A (part 2)1. SAFE provided clarifications on the bank procedures for processing foreign exchange payments and receipts for transfer pricing (TP) adjustments (hereinafter referred to as “Clarification”). Contents Key takeaways Background Overview…
In brief The State Administration of Foreign Exchange (SAFE) recently released the Service Trade Foreign Exchange Management Policy Q&A (part 2)1. SAFE provided clarifications on the bank procedures for processing foreign exchange payments and receipts for transfer pricing (TP) adjustments (hereinafter referred to as “Clarification”). Contents Key takeaways Background Overview…
On 13 July 2016, the State Administration of Taxation finally released the long-awaited Bulletin 421 to revise the transfer pricing documentation requirements under Circular 22.