China (People’s Republic of)
Overview of CbC reporting requirements
First reporting fiscal year: Commencing on or after 1 January 2016
Consolidated group revenue threshold: RMB 5.5 billion
Filing deadline: 5 months following the end of the reporting fiscal year
The domestic legal and administrative framework
It is recommendation that China clarify the exact scope, conditions and legal basis under the minimum standard and/or the exchange of information framework for the filing exemption in relation to information relating to National Security. This recommendation remains in place since the 2017/2018 peer review.
It is recommended that China amend its legislation or otherwise takes steps to ensure that local filing is only required in the circumstances contained in the terms of reference. This recommendation remains in place since the 2017/2018 peer review.
The exchange of information framework
China’s 2018/2019 included a recommendation that China implement a process to ensure that each of the mandatory fields of information required in the CbC reporting template are present in the information exchanged. China has introduced a system validation system that ensures all fields required in the CbC reporting template are included in the CbCR filing system and so this recommendation has been removed.
China made some exchanges of CbC reports after the deadline. This was is due to a technical issue with one particular batch of reports which has been resolved and no therefore no recommendation is required.
China confirms that its rules have not changed and continue to be applied effectively. China continues to meet all terms of reference.