India’s Central Board of Direct Taxes (CBDT) today announced that in January it entered into entered into five unilateral advance pricing agreements (APAs) with multinational taxpayers and two bilateral APAs, including the first bilateral agreement involving the US.
Thus, India has to date signed 178 unilateral APAs and 18 bilateral APAs, the CBDT said.
The seven January APAs address various transfer pricing issues, including IT-enabled services, provision of software development services, contract manufacturing, payment of royalties, and sale of goods, the government said.
The progress of the APA scheme strengthens the government’s resolve to foster a nonadversarial tax regime, the CBDT said.
Be the first to comment