Two new circulars released in China
May 13, 2009
The State Administration of Tax (SAT) in China has released two key circulars with important implications for transfer pricing investigation and follow-up measures.
Circular 188 relates specifically to transfer pricing, while circular 85 relates to the collection and administration of several kinds of taxes. Circular 85 also provides specific guidance on industries for tax authorities to target, while circular 188 acts as a clarification and reminder to local tax authorities to strictly enforce audit-related measures, and to fully appreciate the importance of proper documentation.
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