You are here: Home » News-ANI » Business

CBDT's 'Advance Pricing Agreements' number crosses hundred

The (CBDT) entered into five unilateral Advance Pricing Agreements (APAs) today, i.e., 23rd September, 2016, with Indian taxpayers.

One of these Agreements has a rollback provision in it. With these signings, the total number of APAs entered into by the CBDT has reached 103.

The APA Scheme was introduced in the Income-tax Act in 2012 and the rollback provisions were introduced in 2014. The scheme endeavors 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 rollback 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.

The five APAs signed today pertain to diverse sectors, i.e., Information Technology, sourcing services and Investment advisory services. The 103 APAs signed so far include 4 bilateral APAs and 99 unilateral APAs. A total of 39 APAs have already been concluded in six months of the current financial year.

The CBDT expects more APAs to be concluded and signed in the near future. The progress of the APA scheme strengthens the government's commitment to foster a non-adversarial tax regime. The approach and functioning of the officers in the APA teams have been appreciated and acknowledged by the industry in India and abroad.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22
Business Standard

CBDT's 'Advance Pricing Agreements' number crosses hundred

ANI  |  New Delhi [India] 

The (CBDT) entered into five unilateral Advance Pricing Agreements (APAs) today, i.e., 23rd September, 2016, with Indian taxpayers.

One of these Agreements has a rollback provision in it. With these signings, the total number of APAs entered into by the CBDT has reached 103.

The APA Scheme was introduced in the Income-tax Act in 2012 and the rollback provisions were introduced in 2014. The scheme endeavors 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 rollback 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.

The five APAs signed today pertain to diverse sectors, i.e., Information Technology, sourcing services and Investment advisory services. The 103 APAs signed so far include 4 bilateral APAs and 99 unilateral APAs. A total of 39 APAs have already been concluded in six months of the current financial year.

The CBDT expects more APAs to be concluded and signed in the near future. The progress of the APA scheme strengthens the government's commitment to foster a non-adversarial tax regime. The approach and functioning of the officers in the APA teams have been appreciated and acknowledged by the industry in India and abroad.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

CBDT's 'Advance Pricing Agreements' number crosses hundred

The Central Board of Direct Taxes (CBDT) entered into five unilateral Advance Pricing Agreements (APAs) today, i.e., 23rd September, 2016, with Indian taxpayers.One of these Agreements has a rollback provision in it. With these signings, the total number of APAs entered into by the CBDT has reached 103.The APA Scheme was introduced in the Income-tax Act in 2012 and the rollback provisions were introduced in 2014. The scheme endeavors 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 rollback 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.The five APAs signed today pertain to ...

The (CBDT) entered into five unilateral Advance Pricing Agreements (APAs) today, i.e., 23rd September, 2016, with Indian taxpayers.

One of these Agreements has a rollback provision in it. With these signings, the total number of APAs entered into by the CBDT has reached 103.

The APA Scheme was introduced in the Income-tax Act in 2012 and the rollback provisions were introduced in 2014. The scheme endeavors 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 rollback 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.

The five APAs signed today pertain to diverse sectors, i.e., Information Technology, sourcing services and Investment advisory services. The 103 APAs signed so far include 4 bilateral APAs and 99 unilateral APAs. A total of 39 APAs have already been concluded in six months of the current financial year.

The CBDT expects more APAs to be concluded and signed in the near future. The progress of the APA scheme strengthens the government's commitment to foster a non-adversarial tax regime. The approach and functioning of the officers in the APA teams have been appreciated and acknowledged by the industry in India and abroad.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard