EY helps clients create long-term value for all stakeholders. Enabled by data and technology, our services and solutions provide trust through assurance and help clients transform, grow and operate.
At EY, our purpose is building a better working world. The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets.
The Inland Revenue Department has recently commenced another round of desk-based review to ensure compliance with transfer pricing documentation requirements by issuing the form “Transfer Pricing Documentation – Master File and Local File” (Form IR1475) to selected taxpayers for the year of assessment 2019/20.
Notably, some revisions have been made to the Form IR1475 issued in November 2021 compared to the one issued in September 2020. One of the key features of the revision is the alignment of the master file and local file information request with the Organisation for Economic Co-operation and Development's Base Erosion and Profit Shifting (BEPS) Action 13 recommendations. Selected taxpayers are required to complete and submit the Form IR1475 within one month upon receipt of the letter of request from the IRD.
Please refer to this Hong Kong Tax alert for details.