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The International Taxation Department of China's State Taxation Administration (STA) released the "Response to Questions Relating to Anti-Tax Avoidance Issues During the COVID-19 Pandemic" on 30 September 2021 via the STA official website. The guidance has considered the impact of the COVID-19 pandemic on taxpayers’ business operations and related party transactions, and provided transfer pricing (TP) guidance on the following five aspects:
Principles for conducting transfer pricing audit
Considerations of losses incurred by enterprises who were negatively impacted
Key considerations of local file documentation preparation
Impact of government assistance on transfer pricing
Impact on the execution of existing advance pricing arrangements (APAs)