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China expected to enhance crackdown on tax manipulation
By Zhang Fengming |
April 13, 2011, Wednesday
|
Online Edition
Online Edition
CHINA'S taxation authorities are expected to strengthen inspection and law enforcement to crack down on tax manipulation through transfer pricing, industry veterans said.
China retrieved 2.6 billion yuan (US$397 million), up 24 percent from a year ago, in tax money after uncovering 178 cases of transfer pricing in 2010.
Though the number of uncovered cases remained more or less the same in the past five years, the value of the cases jumped.
More stringent law enforcement, an end to tax incentives and a unified 25 percent corporate income tax rate are quoted for the rising tax revenue retrieved in recent years.
"China is on track to develop its transfer pricing supervision program. There is no return," said Chi Cheng, a KPMG partner. "They will just continue this effort."
Chi said he expected more detailed measures will be out to supplement the regulation.
China is beefing up its transfer pricing control by legislation and policy changes with 2009 as a "year of revamp."
The authorities have more than one foot in the door. They are also looking at other loopholes taxpayers may exploit for inter-company deals.
China retrieved 2.6 billion yuan (US$397 million), up 24 percent from a year ago, in tax money after uncovering 178 cases of transfer pricing in 2010.
Though the number of uncovered cases remained more or less the same in the past five years, the value of the cases jumped.
More stringent law enforcement, an end to tax incentives and a unified 25 percent corporate income tax rate are quoted for the rising tax revenue retrieved in recent years.
"China is on track to develop its transfer pricing supervision program. There is no return," said Chi Cheng, a KPMG partner. "They will just continue this effort."
Chi said he expected more detailed measures will be out to supplement the regulation.
China is beefing up its transfer pricing control by legislation and policy changes with 2009 as a "year of revamp."
The authorities have more than one foot in the door. They are also looking at other loopholes taxpayers may exploit for inter-company deals.
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