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State Administration of Taxation (SAT) Issued Announcement on the Enhancement of the Reporting of Related Party Trans...

State Administration of Taxation (SAT) Issued Annou...

China Tax Alert - Issue 23, July 2016

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中国税务快讯

State Administration of Taxation (SAT) Issued Announcement on the Enhancement of the Reporting of Related Party Transactions and Administration of Contemporaneous Documentation

On 13 July 2016 the SAT released an Announcement on the Enhancement of the Reporting of Related Party Transactions and Administration of Contemporaneous Documentation (Announcement 42).  Announcement 42 replaces the current documentation regulations as prescribed under SAT Circular on Implementation Measures for Special Tax Adjustments (Trial Implementation), Guoshuifa [2009] No. 2 (“Circular 2”), and replaces and modernizes the existing related party transaction reporting forms as specified under SAT Announcement on PRC Annual Reporting Forms on Related Party Transactions, Guoshuifa [2008] No. 114 (“Circular 114”). Although the timing of the release of China’s revised comprehensive transfer pricing regulations is uncertain at this stage, Announcement 42 should be considered the first of a series of regulations to localise OECD/G20 BEPS Project recommendations in China.

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© 2022 KPMG Huazhen LLP, a People's Republic of China partnership, KPMG Advisory (China) Limited, a limited liability company in Mainland China, KPMG, a Macau (SAR) partnership, and KPMG, a Hong Kong (SAR) partnership, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

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