Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: articles on VAT and GST in India :: TDS :: empanelment :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT Audit :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: cpt :: form 3cd :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« Transfer Pricing »
  CBDT notifies secondary adjustment transfer pricing rules
  A web of requirements in transfer pricing regime
 Hong Kong bill would revise multinational firm tax and transfer pricing rules
 India signs Advance Pricing Agreements with the Netherlands
 India eases bilateral transfer pricing norms
 India to accept transfer pricing APA, MAP applications even if corresponding adjustment treaty provision absent
 India Finalizes Pricing Reporting Rules Under OECD Plan
 Final Transfer Pricing Rules For Multi-Nationals Notified
 Govt eases transfer pricing norms for offshore funds
 India’s final transfer pricing master file rules retain unique flavor
 Transfer pricing: tighter reporting norms for multinationals notified

Hong Kong to introduce transfer pricing, tax dispute resolution, country-by-country reporting legislation
August, 23rd 2017

The Hong Kong government will introduce new legislation on transfer pricing, country-by-country reporting, and tax dispute resolution by the end of 2017 which will be consistent with agreements reached under the OECD/G20 base erosion profit shifting (BEPS) plan, Hong Kong’s Inland Revenue Department (IRD) has announced.

Legislation implementing the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI) will be introduced by mid-2018, the IRD said. Further, an amendments bill enabling Hong Kong’s implementation of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters is planned for the end of 2017.

The actions were announced in a July 31 IRD consultation report which followed up on a 2016 consultation soliciting stakeholder views on several government proposals to implement the BEPS plan agreements.

The IRD said that the consultation revealed broad support for the government’s proposal to implement the four BEPS minimum standards.

“We welcome the general support from the respondents for the proposed implementation strategy, which focuses on the four minimum standards set by the OECD (i.e., countering harmful tax practices, preventing treaty abuse, imposing a country-by-country reporting requirement, and improving the cross-border dispute resolution mechanism) whilst maintaining Hong Kong’s simple and low tax regime. Having regard to the comments received, we will fine-tune certain parameters of the proposals to address stakeholders’ concerns,” a government spokesman said.

The IRD also said there was broad stakeholder support for Hong Kong’s proposal to codify fundamental international transfer pricing standards into domestic legislation and thus the government will proceed with this proposal.

In response to stakeholder comments, the IRD will include definitions of relevant key transfer pricing terms and will propose specific transfer pricing provisions relating to intellectual property to account for the unique nature of IP and the lack of comparables.

The government rejected a proposal to exempt from the arm’s length standard transactions between two Hong Kong associated persons.

Further, legislation will provide for unilateral, bilateral, and multilateral advance pricing agreements, the government said. The IRD said it has no intention if introducing thin capitalization rules.

The legal framework for the three-tier transfer pricing approach of master file, local file, and country-by-country report will be provided for in legislation, including provisions for parent surrogate filing, the IRD said.

The government also confirmed that it will, in a separate bill, provide the legal framework to implement BEPS minimum standards through the MLI. Hong Kong has opted for a principal purpose test only rule, and will not accept symmetrical nor asymmetrical application of a limitation on benefits rule for treaties covered by the MLI, the government said.

The government also said that it will introduce new legislation will enhance the current tax credit system and improve tax dispute resolution.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions