CHINA may implement new rules by the end of this year to prevent tax evasion by multinational companies as the G20 has endorsed a plan to enhance fairness of international tax revenue, Ernst & Young said.
The State Administration of Taxation last Friday finished collecting feedback for amendments to a 2009 guide on anti-tax avoidance rules to deal with profit shifting and enhance profit monitoring. The final version is expected to be released within this year, according to EY.
Most of the items in the proposal were drafted in line with the principles of a global project on Base Erosion and Profit Shifting, or BEPS, which was finalized earlier this month to stop multinational companies from avoiding tax by shifting profits to destinations with lower corporate tax requirements.
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