Rules amended for faster resolution of MNCs' tax disputes under MAP

The direct tax board has amended income tax rules to resolve mutual agreement procedure (MAP) disputes within a timeframe of 24 months. The move will help in speedy settlement of cases of multinational corporations which have opted for the alternative dispute resolution process.
 

The Central Board of Direct Taxes (CBDT) has amended Rule 44G dealing with application and procedure for giving effect to MAP and also revised Form 34F with respect to filing an application with the competent authority for invoking MAP.
 

MAP is an alternative dispute resolution process under the tax treaties. Under it, competent authorities of two countries