India signs 11 APAs, expects to soon sign 30–40 more

India has signed 11 more unilateral advance pricing agreements (APAs) with multinationals, bringing total APAs signed by the government so far this fiscal year to 22, the India’s Central Board of Direct Taxes (CBDT) announced November 27.

Moreover, the CBDT reported that it expects to finalize 30–40 more APAs during FY 2015–16, which ends March 31.

The current batch of APAs include agreements with businesses providing investment advisory services, engineering design services, marine products, contract R&D, software development services, IT enabled services, and cargo handling support services, the CBDT said. Seven of the APAs include rollback provisions.

The CBDT said it actions are designed to provide stability and confidence to foreign enterprises operating in India.

India’s has entered into 30 unilateral APAs and one bilateral APA since the APA program was established in July 2012.

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