On October 6, 2014, TEI submitted comments to the Inland Revenue Authority of Singapore in response to an invitation for public comment on proposed rules governing transfer pricing documentation. Notable among its comments, TEI expressed concern that the proposed rules elevate Singapore’s transfer pricing documentation requirements to a higher level than those existing under the OECD transfer pricing guidelines ahead of final recommendations from the OECD’s base erosion and profit shifting (BEPS) project.
On August 1, 2014, TEI completed its first project of direct tax advocacy with China’s State Administration of Taxation (SAT), when it filed comments regarding draft administrative measures on the Chinese domestic law General Anti-Avoidance Rule (GAAR). The comments focused on how the draft measures inappropriately expand the scope of the GAAR, unfairly subject taxpayers to two independent substance-based inquiries when special tax adjustment rules also apply, and contain overly expansive document production requirements.
Established in 2005 and one of our newest standing committees, the Asia Tax Committee sets TEI’s advocacy agenda for tax developments arising in Asia and throughout the Pacific Rim. The committee is currently engaged in a variety of tax matters in Singapore, Hong Kong, and China and is working to further develop its coverage of India and Australia.