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CBDT signs 11 advance pricing agreements, 40 more in offing
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SME Times News Bureau | 28 Nov, 2015
In an effort to provide tax
certainty to foreign investors, the Central Board of Direct Taxes (CBDT)
has signed 11 unilateral advance pricing agreements (APA) with Indian
subsidiaries of foreign companies, an official statement said on Friday.
Another
30-40 APAs are to be finalised before the end of this fiscal providing
stability and confidence to foreign companies in India, a finance
ministry statement said.
"These APAs were signed with Indian
subsidiaries of foreign companies operating in various segments of the
economy like investment advisory services, engineering design services,
marine products, contract R&D, software development services, IT
enabled services, cargo handling support services, etc," it said, adding
the endeavour is to foster environment of co-operation in matters of
taxation through predictability of laws and reduced litigation.
While seven of these new APAs have rollback provisions contained in them, the other four are agreements for future five years.
"APAs
with rollback provisions can cover a maximum period of nine years in
total. With this round of signing, CBDT has so far entered into 31 APAs
(30 unilateral and one bilateral)," said the statement.
The APA Programme was introduced in the Income Tax Act, 1961 in 2012 vide the Finance Act, 2012.
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