China's State Administration of Taxation (SAT) has issued Announcement No. 24 (2021), providing simplified procedures for unilateral advance pricing agreements (APAs), which will come into effect on 1 September 2021. An Interpretation of the Announcement from the SAT has also been issued.
The simplified procedures are meant to optimize the business environment, promote tax cooperation, and improve the certainty of corporate taxation. The Announcement is largely in line with the draft that …