CBDT signs seven Unilateral Advance Pricing Agreements with Indian taxpayers
Posted on:19 Jul 2016 09:32:28
19 July 2016 Current Affairs GK: The Central Board of Direct Taxes (CBDT) has signed seven Unilateral Advance Pricing Agreements (APAs) with Indian taxpayers. Some of the agreements also have a Rollback provision as well on 18 July 2016.The 7 APAs pertain to various sectors of economy like banking, Information Technology and Automotives. The international transactions covered in these agreements include software development Services, IT enabled Services, Engineering Design Services & Business Support Services.
Advance Pricing Agreements (APAs) Scheme : 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 setting the prices of international transactions in advance.
Since its inception, the APA scheme has attracted tremendous interest and that has resulted in more than 700 applications (both unilateral and bilateral) having been filed in just four years.
With this, the total number of APAs entered into by the CBDT has reached 77. This includes 3 bilateral APAs and 74 Unilateral APAs. In the current financial year, a total of 13 Unilateral APAs have been entered into so far.
The progress of the APA Scheme strengthens the Government’s mission of fostering a non-adversarial tax regime.
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