On 24 January 2014, China Taxation News reported that the Shaanxi Provincial State Tax Bureau (SPSTB) made a transfer pricing (TP) adjustment to a domestic business transfer and collected RMB22 million (US$3.5 million) in enterprise income tax and interest.
According to the report, a foreign invested enterprise (FIE) in Xi’an transferred part of its business at book value to another FIE as part of an arrangement between the two FIEs’ foreign corporate shareholders.
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Business Law Digest is compiled with the assistance of Baker & McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker & McKenzie by e-mail at: Zhang Danian (Shanghai) danian.zhang@bakermckenzie.com
