Transfer Pricing & CorporateSocial Credit - A Chinese Overview
While the Chinese tax authority, the State Administration of Taxation (SAT)' has been adept at leveraging the international tax experience of other countries, from the 1980s onwards China began to establish its own unique transfer pricing system. In this event, ORCOM C&A's CPA Romain Kaci will examine key transfer pricing developments in China, looking at tax policy and practice in light of the increasing sophistication of transfer pricing rules and regulations as well as enhanced enforcement practices. Furthermore, we will have a chance to highlight features of the origin and development of China's transfer pricing system that are specific to China, in addition to the future implications for the regulation of transfer pricing.
Meanwhile, the Chinese Social Credit System has consistently been a hot topic among foreign enterprises since the announcement of its planned rollout in 2020. However, its implications on businesses and their representatives, as well as the legal ramifications for foreign companies have largely remained in the shadows. The comprehensive reform, now expected to effectively come into force by the year 2021, has been deemed to be mainly directed towards increased transparency and a leveled playing field for Chinese and Foreign businesses alike. ORCOM C&A's Head of Foreign Investment and Corporate Affairs, Johannes Lazzaro, will analyze the series of topic-specific ratings comprised in the new Corporate Social Credit System, which present peculiarities related to both the confidentiality of corporate information, a company's relationship with its employees as well as an overall negative impact in case of low ratings, blacklisting and, more generally, non-compliance.
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