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China's Advance Pricing Arrangements

The State Taxation Administration ("STA") has issued the Announcement on Matters Regarding the Application of the Summary Procedure to Unilateral Advance Pricing Arrangements (the "Announcement") for implementation from September 1, 2021.

The Announcement specifies that, where enterprises applying for unilateral APAs in accordance with the relevant provisions of the Announcement of the State Taxation Administration on Matters Regarding Refining the Administration of Advance Pricing Arrangements meet the requirements hereof, the summary procedure may apply.