Looking out for significant changes to China's tax collection and administration law
On 5 January 2015, the Legislative Affairs Office of the State Council released the Discussion Draft of Taxation Collection Administration Law (TCAL) (the Discussion Draft) for soliciting public comments. The Discussion Draft made considerable changes to the prevailing TCAL, including key changes in terms of late payment interest, statute of limitation, additional obligations for information disclosure, introduction of advance ruling mechanism, etc. PwC China has submitted our comments on the Discussion Draft in February. Subsequently we participated in the roundtable meeting called by the relevant department of the National People's Congress (NPC) where we also learned feedback on the Discussion Draft from other parties. In this News Flash, we will discuss the key changes and breakthroughs in the Discussion Draft as well as share the feedback and our observation on the potential impact to taxpayers in general.
Other issues of China Tax/Business News Flash Visit our Tax Library.