Risks of Corporate Income Tax (“CIT”)
Recently, many Enterprises have received notifications of outstanding tax liabilities, fines and associated penalties issued by the Division of Tax Debt Management and Enforcement of the local tax authority.
Risks of Transfer Pricing
For Enterprises with fiscal year ending on 31 December, the declaration of related party transactions (Form 03-7/TNDN) is required to be submitted together with the CIT finalisation return within 90 days after the end of the fiscal year (i.e. 31 March 2016 for fiscal year ending on 31 December