world focus magazine The Central Board of
Direct Taxes (CBDT) on 7 Feb announced signing of four more unilateral Advance
Pricing Agreements (APAs). The four APAs signed pertain to the
manufacturing, financial and information technology sectors of the economy. The
international transactions covered in these agreements include contract
manufacturing, IT-enabled services and software development services. With
this, the total number of APAs entered into by the CBDT has reached 130. world focus magazine subscription This includes eight
bilateral APAs and 122 unilateral APAs. In the current financial year, a total
of 66 APAs (five bilateral APAs and 61 unilateral APAs) have already been
entered into. CBDT expects more APAs to be concluded and signed before the end
of the current fiscal. The APA scheme was introduced in the Income-Tax Act in
2012 and the ‘‘rollback’' provisions were introduced in 2014. The scheme
endeavours to provide certainty to taxpayers in the domain of transfer pricing
by specifying the methods of pricing and determining the prices of
international transactions in advance world focus e magazine.
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