Executive summary
To further alleviate tax administrative burdens of enterprises engaging in cross-border business activities in Mainland China, on 26 July 2021, China’s State Tax Administration (STA) issued STA PN [2021] No. 24 (STA PN 24) providing simplified application procedures (simplified procedures) for unilateral advance pricing arrangements (APA).
STA PN 24 is effective from 1 September 2021. It is anticipated that the simplified procedures will enhance the efficiency of unilateral APA n…