According to recent reports, China's State Administration of Taxation is expected to issue a circular by May 2016 on the implementation measures for special tax adjustments that will update and replace Circular No. 2/2009. The circular will include new transfer pricing and other anti-avoidance rules based primarily on the outcomes of the OECD BEPS Project. The final circular will include amendments made to a draft version issued for public comment in September 2015 ({News-2015-09-23/P/2- prev…