Key Points
New Delhi: The Central Board of Direct Taxes (CBDT) has signed a record number of 125 Advance Pricing Agreements (APAs) in the current fiscal year..
The total number of APAs since the start of the APA programme has risen to 641, with 506 UAPAs and 135 BAPAs..
These BAPAs were signed as a result of entering into bilateral agreements with Indias treaty partners such as Australia, Canada, Denmark, Japan, Singapore, the UK, and the US..
The APA scheme aims to provide certainty to taxpayers in the international trade sector by specifying how international transactions should be priced and determining the arms-length price of these transactions for a maximum of five years...
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CBDT signs 95 Advance Pricing Agreements in FY23
31, Mar, 23This includes 63 Unilateral APAs (UAPAs) and 32 Bilateral APAs (BAPAs). With this, the total number of APAs since inception of the APA programme has gone up to 516, comprising 420 UAPAs and 96 BAPAs. The BAPAs were signed as a consequence of entering into Mutual Agreements with Indias treaty partners namely Finland, the UK, the US, Denmark, Singapore, and Japan, CBDT said in a statement issued Friday.
CBDT signs 95 APAs in FY'23, highest ever since launch
02, Sep, 23The Income Tax department in India has achieved a record-high number of 95 advance pricing agreements (APA) signed in the financial year 2022-23. This marks the highest number of APA signings since the program's launch in 2012. The APA program, initiated by the Central Board of Direct Taxes (CBDT), aims to create an investor-friendly and non-adversarial tax regime in the country.