Key Points
The Central Board of Direct Taxes (CBDT) has entered into a record 125 Advance Pricing Agreements (APAs) with Indian taxpayers in 2023-24..
This marks the highest ever APA signings in any financial year since the launch of the APA programme, it said...
During 2023-24 CBDT also signed the maximum number of BAPAs in any financial year till date, it said, adding, 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 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...
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CBDT signs record 125 Advance Pricing Agreements, 31% more than last year
21, Apr, 24The 125 APAs include 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs). The total number of APAs since the start of the APA programme has risen to 641, with 506 UAPAs and 135 BAPAs.