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Hong Kong’s New Transfer Pricing Regime

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Related reading May 27, However, under Circular 42, tax authorities in several regions have become very stringent on their interpretation of the transfer pricing documentation rule. Taxpayers that meet the thresholds are commonly required to prepare documentation within the prescribed time limit, but also submit electronic and paper versions of the documentation to the tax bureau.

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Many multinational business headquarters request that their foreign subsidiaries prepare transfer pricing documentation in templated forms that are based on document disclosure requirements in the BEPS Action Plan. However, many local subsidiaries struggle to meet the expectations of their headquarters and the local tax bureau, and this is no different for subsidiaries in China.

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When tax professionals in China-based subsidiaries prepare documentation with a mind focused on a templated BEPS Action Plan-based form, overlooking Circular 42 specifications, they risk the attention and investigation of tax authorities that often look for such discrepancies. Compared to Circular 2, Circular 42 imposes higher transfer pricing document disclosure requirements on enterprises with related party transactions.

The collection of information needed for preparing contemporaneous documentation may take weeks. This is because the required information is often spread across different departments, and some of the information may even be held by an overseas parent company or other subsidiaries of the same group.

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After obtaining this information, tax professionals must provide a detailed and time-consuming analysis for the contemporaneous documentation. This helps avoid the contemporaneous document being returned by the tax authorities, which can cause unnecessary credit risks and time costs. Professional support, analysis, and guidance can substantially reduce the risk of a transfer pricing investigation and tax adjustment. Log in to leave a comment.