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Hwuason Lawyers Urges Companies to Heed Transfer Pricing Deadline

Hwuason, China's first specialist tax law firm, will publish first book to comprehensively outline China's new transfer pricing provisions.

Beijing, China, November 28, 2009 --( Hwuason Lawyers, China’s first specialist tax law firm, will publish the first book to analyse China’s new comprehensive transfer pricing regime. As a result of the implementation of changes to China’s tax system over the past 18 months, China’s transfer pricing rules have undergone radical revision. The most significant change is the introduction of comprehensive documentation requirements. The new documentation requirements have arisen out of two separate pieces of regulations issued by the tax authorities this year; the Implementation Measures for Special Tax Adjustments (Trial) and Circular No 363 entitled “Strengthening the Monitoring and Investigation of Cross-Border Related Party Transactions," Guo Shui Han (2009 No 363) (“Circular 363”).

Given the recent nature of the changes, companies are struggling to come to terms with their obligations under the regime. To date there has been no substantive literature in respect of the rules. This will now change in the next few weeks when Hwuason Lawyers publishes the first book to comprehensively detail the rules. Hwuason’s book will include standard precedent forms that companies can utilize to comply with their transfer pricing obligations. The book will also examine two recent transfer pricing cases; one in China and the other in Taiwan. The cases explicate the application of the rules.

“The book is the result of months of hardwork by our work lawyers who worked on it as a team” comments Liu Tianyon, Managing Partner of Hwuason. Liu also noted that he was ‘particularly proud’ to have published the first book on this topical and critical issue. The book will initially be published in Chinese, but it is expected that an English version will be published within the next few months. The publication of the book is timely with the impending 31 December transfer pricing deadline.

About Hwuason. Hwuason Lawyers was the first specialist tax law firm in China. A commitment to combining tax and legal services distinguishes Hwuason from other tax advisors. The firm offer clients an alternative to the 'big 4' accounting firms, both in terms of costs and the breadth of services provided, which includes M&A, tax controversy, cross-border and general tax.

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Hwuason Lawyers
Matthew McKee
8610 58697282

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