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 ...
Export potential of AYUSH sector is Rs 200 crore: Minister
The Dollar Business Bureau In view of the growing global demand for the medicinal and aromatic plants, there is a need to promote agri-entrepreneurship in Medicinal and Aromatic Plant (MAP) cultivation in India. This was stated by Harsh Vardhan, Union Minister for Science & Technology and Earth Sciences on April 12, 2015. Highlighting India’s potential of becoming leading supplier in the MAP sector, the Minister informed that the government’s efforts are underway in encouraging research and development of credible products of MAP, in view of the sector’s global demand. “India is already a big player in the international market for medicinal and aromatic plants. The government is giving technological support through enhanced R&D. The future is very bright,” ...
