The Hong Kong Inland Revenue Department has published a revised version of Departmental Interpretation and Practice Notes (DIPN) No. 48, which sets out the practice of the Department for entering into Advance Pricing Arrangements (APAs). According to the Department, the revised version of DIPN No. 48 has been updated mainly to (a) reflect the legislative changes made by the Inland Revenue (Amendment) (No. 6) Ordinance 2018 in relation to the statutory advance pricing arrangement (APA) regime and (b) explain the streamlined APA process. The Ordinance primarily implemented the minimum BEPS standards and included new provisions to formularize the APA regime...