India, on March 31, signed five unilateral advance pricing agreements (APAs) with multinational corporations, the Indian government has confirmed.
The APAs were with pharmaceuticals, telecom, exploration and financial services businesses, according to sources quoted by the Business Standard. The agreements are the first to be signed under India’s APA program, established in July 2012.
About 240 companies have applied for APAs this year, according to sources quoted by The Economic Times, meaning that there are now about 400 APAs now pending with the APA unit (146 applications were filed the first year of the program).
About 20 bilateral APAs are currently in India’s APA pipeline, the majority of which are with multinationals in the U.K. and Japan, according to Moneycontrol.com sources.
According to sources quoted by the Financial Express, India is likely to sign its first bilateral APA with a UK firm on April 14, when UK Competent authority is slated to visit New Delhi,
See also: Livemint, Hindu Business Line
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