Friday, May 3 2024 | Time 13:26 Hrs(IST)
image
Business EconomyPosted at: Apr 16 2024 7:58PM


CBDT signs 125 APAs in FY24, gives push to ease of doing biz

New Delhi, April 16 (UNI) In a bid to provide investor-friendly tax regime and promote ease of doing business, the Central Board of Direct Taxes (CBDT) signed 125 Advance Pricing Agreements (APAs) with Indian taxpayers in the financial year 2023-24.
The total APAs include 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs).
An APA provides certainty to taxpayers in the field of transfer pricing through an agreement in advance. Such agreement is entered into by the CBDT with the taxpayers on the transfer price of international transactions between associated entities.
An Unilateral APA involves only the taxpayer and the tax authority of the country where the taxpayer is located. On the other hand, BAPAs involve the taxpayer, associated enterprise (AE) of the taxpayer in the foreign country, tax authority of the country where the taxpayer is located, and the foreign tax authority.
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 of five future years.
"Further, the taxpayer has the option to rollback the APA for four preceding years, as a result of which, tax certainty is provided for nine years. The signing of bilateral APAs additionally provides the taxpayers with protection from any anticipated or actual double taxation," CBDT said in a media release on Tuesday.
The CBDT said that the number of APAs signed in FY 2023-24 represents a 31% increase compared to the 95 APAs signed during the preceding financial year.
"With this, the total number of APAs since inception of the APA programme has gone up to 641, comprising 506 UAPAs and 135 BAPAs," it said.
During FY24, the CBDT also signed the maximum number of BAPAs in any financial year till date. The BAPAs were signed as a consequence of entering into Mutual Agreements with India’s treaty partners namely Australia, Canada, Denmark, Japan, Singapore, the UK and the US.
"The APA programme has contributed significantly to the Government of India’s mission of promoting ease of doing business, especially for MNEs which have a large number of cross-border transactions within their group entities," the CBDT release said.
UNI NK CS
Please log in to get detailed story.
Tags: #CBDT signs 125 APAs in FY24# gives push to ease of doing biz
More News

Major Currencies up

03 May 2024 | 10:13 AM

Mumbai, May 3 (UNI) Following were the indicative currency rates and travellers' cheques
buying and selling rates.

see more..

Genrobotics launches industrial park in Kerala at ICET

02 May 2024 | 11:51 PM

Kochi, May 2 (UNI) Genrobotic Innovations Pvt Ltd., a pioneer in robotics innovation, has launched an industrial park at Ilahia College of Engineering and Technology (ICET) in Muvattupuzha, which is the first industrial park in a private college in Kerala.

see more..
Adani Green secures USD 400 million from international banks for 750 MW power project

Adani Green secures USD 400 million from international banks for 750 MW power project

02 May 2024 | 9:40 PM

Ahmedabad, May 2 (UNI) Adani Green Energy Ltd (AGEL), India’s largest and one of the world’s leading renewable energy (RE) companies, on Thursday announced USD 400 million financing for its under-construction 750 MW solar projects in Rajasthan and Gujarat by a consortium of five leading international banks.

see more..

Bayer acquires remaining 25 pc stake in Bayer Zydus Pharma Pvt Ltd to secure full ownership

02 May 2024 | 9:36 PM

Kolkata, May 2 (UNI) Bayer Pharmaceuticals Private Limited and Zydus Lifesciences Limited (formerly Cadila Healthcare) on Thursday announced the successful conclusion of their joint venture (JV) - Bayer Zydus Pharma Private Limited (BZPPL).

see more..

AP: Interaction-cum-training program on PULSE held at RINL, Visakhapatnam

02 May 2024 | 8:41 PM

Visakhapatnam (Andhra Pradesh), May 2 (UNI) A one-day interaction cum training programme on PULSE [Profession Utility by Leadership Support & Encouragement] under the auspices of Management Services department was organized at Learning & Development Centre(L&DC) of RINL, the Corporate entity of Visakhapatnam Steel Plant (VSP), on Thursday.

see more..
image