India, US resolve tax disputes worth Rs 5,000 crore via APA

[Abhijit Baul]

Nov 18, 2016
India and the US have resolved tax disputes of about R5,000 crore through bilateral advance pricing agreements (APA), the finance ministry said in a statement here on Thursday. The Central Board of Direct Taxes (CBDT) said the cases pertained to assessment years ranging from 1999-2000 to 2011-12. Further, during a meeting, the two countries also reached an agreement on the terms and conditions of the first-ever bilateral APA involving the two nations. The APA scheme, introduced in the Income Tax Act in 2012, is aimed at providing certainty to taxpayers with regard to “transfer pricing” by specifying the methods of pricing and setting the prices of international transactions in advance.

Source : http://www.financialexpress.com/india-news/india-us-resolve-tax-disputes-worth-r5000-crore-via-apa/448518/

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