The Hong Kong Inland Revenue Department has announced the update of its webpage on penalty policy. This update concerns punitive actions under Part 14 of the Inland Revenue Ordinance in relation to relief from double taxation, exchange of information, transfer pricing requirements, advance pricing arrangement (APA), mutual agreement procedure (MAP) and arbitration, etc. Depending on the nature of the offense, penalties include fines of HKD 10,000 or HKD 50,000, further fines of up to treble the amount of the tax undercharged, and possible imprisonment for up to three years. The update also includes the Department's penalty policy for transfer pricing...