On July 15, 2020, the Hong Kong Inland Revenue Department issued revised guidance notes on advance pricing agreements (APAs).
The Departmental Interpretation And Practice Notes No. 48 (Revised) provides an overview of the APA regime. It discusses the APA process, including the steps involved, analysis and evaluation, collateral issues.
Guidance is also provided on monitoring and compliance, refusal and withdrawal of APA applications, and prospective application of APAs and roll back provisions.
These notes replace those issued in March 2012.