Tax authorities across China are strengthening transfer pricing regulations. They are now enforcing the collection of contemporaneous documentation and foreign companies must ensure they prepare these by the deadlines issued
The Circular clarifies matters relating to the exemption of import taxes on articles imported by foreign-invested research and development centres for scientific and technological development purposes and the refund in full of the value-added tax on Chinese-made equipment procured by them.
The Measures set forth provisions on the establishment, scope of business, corporate governance, capital management, information disclosure and oversight in connection with insurance group companies.