Government declares nine UAPAs with Indian taxpayers
DSIJ Intelligence / 01 Aug 2017
The Central Board of Direct Taxes (CBDT) entered into nine Unilateral Advance Pricing Agreements (UAPAs) with Indian taxpayers in the month of July 2017.
The Central Board of Direct Taxes (CBDT) entered into nine Unilateral Advance Pricing Agreements (UAPAs) with Indian taxpayers in the month of July 2017. Some of the UAPAs signed had rollback provisions also, said a Ministry of Finance release on Monday.
The APA scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the Arm’s Length Price of international transactions in advance for a maximum period of five future years.
Further, the taxpayer has the option to rollback the APA for four preceding years, as a result of which a total of nine years of tax certainty is provided.
CBDT has signed its first APA with a taxpayer engaged in supplying rigs used in oil and gas exploration. Other than the oil and gas Sector, the APAs pertain to education, banking, pharmaceutical, manufacturing and information technology sectors of the economy.
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