Central Board of Direct Taxes inks Ten Advance Pricing Agreements

The central Board of Direct Taxes has entered into 10 more Advance Pricing Agreements ( APAs) over the last one week, including 7 unilateral APAs signed today. Two of these Agreements are Bilateral APAs with the United Kingdom and Japan.  With this the total number of APAs entered into by the CBDT has reached 140. In the current financial year, a total 76 APAs have already been entered into. The CBDT looks forward for more APAs to be signed and concluded before the end of the current fiscal year. The APAs entered into over the lask week includes telecom, pharmaceutical, steel, retail, information technology, banking and finance etc. The APA scheme was incorporated in the Income Tax Act 2012 . Of the 10 APAs , seven of these Agreements have Rollback provisions in them which was introduced in 2014. The scheme determines to provide surety to taxpayers by specifying the methods of pricing and setting the prices of international transactions in advance. The progress of the APA scheme strengthens the Government's decision of raising a non- adversarial tax regime. Since its inception, APA scheme has evinced a lot of interest from taxpayers and has been appreciated globally for being able to resolve composite transfer pricing issues fair and square.

Comments

Post a Comment

Popular posts from this blog

Taiwan launches first ever home-grown submarine project

Taiwan's president Tsai Ing-wen launched the island's first ever home-grown submarine project on Tuesday in the face of what the government says are growing military threats from the mainland.  The move comes after Beijing sent its only aircraft carrier, the Liaoning, through the Taiwan Strait in January, in one of a number of military drills held as relations deteriorate.  Taiwan last week warned of an increased invasion risk from the mainland and has pledged to boost its military in response.  Tsai called the launch of the submarine plan a "historic moment" at a naval base in the southern city of Kaohsiung.  She was presiding over a formal signing ceremony to initiate the project between the navy, Taiwanese shipbuilder CSBS Corporation and the National Chung-Shan Institute of Science and Technology, which develops combat system integration.  Delivery of the submarine is expected to take eight years and is part of the island's "indigenous defence policy
Read more

World's friable cities need a $78 trillion impulse

More people are living in urban areas than rural, making cities the world’s modern battlegrounds. The urban population is seen rising to 70% by 2050 from 55% in 2016, and its share of gross domestic product will almost double to $115 trillion by 2030. Getting city development right will be a big factor in eliminating poverty, according to Bank of America Merrill Lynch, and this will need serious money. “More than 80% of the world’s cities show signs of fragility yet the success or failure in meeting the world’s most pressing challenges will be decided in them,” BAML analysts, led by Sarbjit Nahal, London-based head of thematic investing, wrote in a report this month. Infrastructure will need $71 trillion to $78 trillion in investment over the next decade, and the “smart city” market will grow to about $1.6 trillion by 2020 from $1 trillion now, they estimate. Urbanization helped lift 500 million Chinese out of poverty and the World Bank estimates that a 230% increase in a country’s
Read more

Second Joint Army Exercise Between India and Oman: Al Nagah-li

Second edition of the joint exercise between the Indian and Oman Armies commenced today with the Opening Ceremony at Bakloh, Himachal Pradesh. The training contingents comprised of platoon strength from both the Armies, which will be validated over 2-3 days by senior military observers of both the countries. The previous edition of the Exercise was held at Muscat, Oman in 2015.  The aim of this exercise is to acquaint both forces with each other’s operating procedures, improve the interoperability in conducting joint operations in the backdrop of counter insurgency/ counter terrorism environment as also to enhance the existing military relationship between the Indian Army and the Royal Army of Oman. 
Read more