December 2020 - E-form with information on TP documentation

The Transfer Pricing (“TP”) regime and the related TP documentation requirements were introduced into the Hong Kong tax legislation in July, 2018. The requirement for the preparation of Master File and Local File, if the company meets the threshold, applies for an accounting period on or after 1 April, 2018, with the due date being 9 months after the relevant accounting year-end. For example, for companies with a December 31 year-end, the first due date of preparation of the Master File and Local File is 31 September, 2020.
Recently, the Inland Revenue Department (“IRD”) has started to conduct a compliance review on taxpayers’ TP documentation preparation, and required specific taxpayers to fill in and submit an electronic form (“e-form”) with information on Master File and Local File (“Form IR1475”).
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