CBDT signs advance pricing agreement with Japanese firm
The Dollar Business Bureau The Central Board of Direct Taxes (CBDT) has signed yet another bilateral Advance Pricing Agreement (APA) with a subsidiary of a Japanese firm. With this new agreement, the CBDT has entered into a total of 141 APAs with various companies. “Central Board of Direct Taxes (CBDT) signs another Bilateral Advance Pricing Agreement (APA) with a subsidiary of Japanese Company, taking the total APAs entered into by the CBDT to 141,” Ministry of Finance said in an announcement. In the financial year 2016-17 alone, the CBDT has entered into a total of 77 unilateral and bilateral APAs. In 2015-16, it signed a total of 55 unilateral and bilateral APAs. The total number of bilateral APAs with Japanese subsidiaries has now reached five, ...
CBDT signs 4 unilateral APAs pertaining to various sectors
The Dollar Business Bureau The Central Board of Direct Taxes (CBDT) has inked four unilateral Advance Pricing Agreements (APAs) in the past two days relating to several sectors including information technology (IT), pharmaceuticals and construction. “CBDT has entered into four more unilateral APAs on November 22 & 23, 2016. The international transactions covered in these agreements include software development services, IT enabled services (BPOs), engineering design services, contract R&D services and marketing support services," an official statement said on Wednesday. “Some of the given agreements have also a provision to rollback,” it said. With the signing of these four agreements, the total tally of APAs the CBDT has entered into reached 115. These consist of 108 unilateral and seven bilateral APAs so far. During ...
India, US agree to resolve 100 cases under MAP
The Dollar Business Bureau India and the USA in October held the Bilateral Competent Authority Mutual Agreement Procedure (MAP) / Advance Pricing Agreement (APA) meeting to resolve MAP cases pending for a long time and to achieve significant developments in Bilateral APA Process, Indian Ministry of Finance announced on Thursday. During the meeting, the two sides agreed to resolve 66 MAP cases pertaining to transfer pricing issues and 42 MAP cases pertaining to treaty interpretation issues. The total amount in dispute was about Rs. 5,000 crore, all reported during the assessment years 1999-2000 to 2011-12. The resolved cases focused on several issues such as transfer pricing adjustments made to the international transactions in terms of payment of royalty, payment of management fees, cost ...
India signs advance pricing agreements with two MNCs
Source: PIB, Government of India As part of a major initiative to usher certainty in taxation, the Central Board of Direct Taxes (CBDT) entered into two unilateral advance pricing agreements (APAs) with two MNCs The agreements signed last week include the first APA with a “rollback” provision. An APA with the “rollback” provision extends tax certainty for nine financial years as against five years in APAs without “rollback”. With this, the CBDT has so far signed 14 APAs of which 13 are unilateral and one is bilateral. The signed APAs relate to various sectors including telecommunication, oil exploration, pharmaceuticals, finance/banking, software development services and ITeS (BPOs). Unilateral APAs have been signed between Indian taxpayers and the CBDT without involvement of the ...
