The OECD orchestrated crackdown on transfer pricing is hitting corporate treasury and intercompany finance practices throughout globally and increasingly worries corporates.
Twelve new free trade zones planned in China; China affiliates of largest accounting firms barred from auditing US companies; New AML laws require blocking assets related to Ministry of Public Security terrorist list.
China will eliminate the requirement for ministry-level approval on foreign direct investment (FDI), as well as expand Value Added Tax reform; and the Philippines SEC hikes transaction fees.