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Hong Kong's implementation of the BEPS initiatives has been gaining momentum.

Taxpayers will no longer face a 5% late payment interest on withholding tax payments that miss the 30-day filing deadline under new rules agreed upon by lawmakers.

Although China’s individual income tax (IIT) reform is still being incubated and there have been no changes to the IIT Law during the past couple of years, the future of IIT presents both opportunities and challenges. Michelle Zhou, Chris Ho, Vincent Pang, Angie Ho and Jason Jiang look at the future intended changes to the IIT system.

John Gu, Yvette Chan and Chris Mak share their insights on encountering practical uncertainties and resolving contentious tax issues when working with clients on merger and acquisition (M&A) transactions in China. They look at how the rapidly changing global tax environment will impact future M&A transactions in China.

Deloitte Portugal

China’s progress in rolling out the 2015 BEPS recommendations, key cross-border tax enforcement trends in 2016, and the development of China’s external tax policy are the focus of this chapter by Khoonming Ho, Chris Xing, Lilly Li and Conrad Turley.

China’s indirect tax system underwent a major overhaul when its new VAT reforms were rolled out. Lachlan Wolfers, Shirley Shen, John Wang, and Jean Li take a look at the new indirect tax model and discuss how China has moved away from a bifurcated system.

As China faces rising labour costs and competition from lower cost countries in the region, incentive supply side programmes such as the HNTE scheme and 150% super deduction will help achieve the government’s aim of solid and stable growth for the Chinese economy as it enters its 13th five-year plan. Alan Garcia, Yang Bin, Josephine Jiang and William Zhang highlight the available benefits for R&D.

In July 2016, China’s State Administration of Taxation (SAT) released Announcement 42, outlining the updated Chinese requirements for contemporaneous documentation. In October, it released Announcement 64, containing revisions to the guidance on the administration of advance pricing arrangements. Chi Cheng, Xiaoyue Wang, Simon Liu, Kelly Liao and Mimi Wang explore the implications.

The introduction of VAT in the Gulf Cooperation Council (GCC) member states marks the start of some of the most far-reaching changes in the region since the 1960s. Therefore, this change should not be taken lightly by any business operating in the region. Justin Whitehouse, Middle East indirect tax leader, and Tuulia Nurmi, manager of indirect tax at Deloitte Middle East, discusses how companies can successfully prepare for the tax.