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CHINA: "China Vehicle Sales Strong in October (2013)" report

CHINA: "China Vehicle Sales Strong in October (2013)" report. 7-page report by BAIRD.

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back to index backCHINAtalk April,  2005

Dongguan tax bureau steps up transfer pricing activity

The local Dongguan tax bureau recently issued a notice to strengthen compliance with transfer pricing information and reporting regulations by foreign investment enterprises and foreign enterprises.

Of note:

All enterprises are required to file the "related party transaction information return" using the prescribed form by 30 April 2005 ;

Enterprises that fail to file the return or provide an explanation for such failure are to be subject to severe penalties;

Enterprises that file fraudulent returns are to be subject to severe penalties and are also to be subject to transfer pricing audits; and

The tax authorities may carry out reasonable adjustments to taxable income if enterprises have not been pricing their transactions with their foreign related parties in accordance with the arm's length principle.

It is expected that after completing the foreign enterprise income tax annual settlement, the tax bureau will select entities to be audited and commence investigations accordingly.

Source: Deloitte China - GAI

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