Supreme Court: Uncrystallized Contractual Damages Not an Operational Debt under Section 9 IBC  ||  Supreme Court: Interest Accrued in Suspense Account After NPA Classification is Recoverable as Debt  ||  Supreme Court: S.69 GST Arrest Order with “Reasons to Believe” Must Precede Arrest  ||  Supreme Court: Winding-Up Proceedings Period Cannot be Excluded under Section 14 Limitation Act  ||  Supreme Court: Separate Appeals Unnecessary Against Common Judgment on Suit and Counterclaim  ||  Supreme Court: Unsuccessful Party Can Seek Post-Award Section 9 Relief in Exceptional Cases  ||  Delhi HC Rejects Black Money Act Challenge, Imposes Rs. 60,000 Costs over Prosecution Avoidance  ||  Delhi HC Affirms Teacher's POCSO Conviction, Urges Schools to Encourage Children to Speak Up  ||  Kerala HC: NGO Funding Peaceful Protests Can't Justify FCRA Renewal Denial  ||  Delhi HC: Courts Cannot Judge Sufficiency of Material For Issuing Look Out Circular    

CBDT signs 5 Unilateral Advance Pricing Agreements (APAs) with Indian taxpayers raising the total number of APAs to 108- (Press Information Bureau) (27 Oct 2016)

MANU/PIBU/0830/2016

Direct Taxation

The Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance entered into five (5) Unilateral Advance Pricing Agreements (APAs) today, i.e., 27th October, 2016 with Indian taxpayers. The Agreements cover a range of international transactions, including sale of finished goods, purchase of raw materials, software development services, IT enabled services, exports and interest payment. The Agreements pertain to different industrial sectors like manufacturing, IT services, etc. The Agreements provide certainty to the taxpayers for 5 years with regard to the covered international transactions. With today's signing, the total number of APAs signed so far has reached 108. These include 4 bilateral APAs and 104 unilateral APAs since 2013-14. Of these, 44 APAs have been concluded in 7 months of the current Financial Year itself.

The APA Scheme was introduced in the Income-tax Act in 2012 and the Rollback provisions were introduced in 2014. The Scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the arm's length price of international transactions in advance for a maximum period of five future years. Further, the taxpayer has the option to roll-back the APA for four preceding years. Since its inception, the APA scheme has attracted tremendous interest among Multi National Enterprises (MNEs) and more than 700 applications (both unilateral and bilateral) have been filed in just four years.

Tags : ADVANCE PRICING   AGREEMENTS   SIGNING OF  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved