Delhi HC: Economic Offender Cannot Seek Travel Abroad For Medical Treatment When Available In India  ||  SC: Governors and President Have No Fixed Timeline To Assent To Bills; “Deemed Assent” is Invalid  ||  SC: Assigning a Decree For Specific Performance of a Sale Agreement Does Not Require Registration  ||  SC: No Quota Applies For Judicial Officers in District Judge Posts, Issuing Seniority Guidelines  ||  SC: Interest Rate Disputes Doesn't Fall under Public Policy to Set Aside Arbitration Awards  ||  SC: If Some Offences are Quashed By Compromise, the FIR For The Same Incident Cannot Continue  ||  Supreme Court: TIP is Unreliable if the Witness Saw the Accused Beforehand  ||  Delhi HC: MYAS Not Bound to ‘Rubber-Stamp’ International Federation Choices  ||  AP HC: Fulfilling Rehabilitation Promises to Displaced is State’s Constitutional Obligation  ||  SC: Career Progression to Higher Echelons of Judiciary is Neither a Matter of Right Nor Entitlement    

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 2025 - All Rights Reserved