Question: What is the total number of advance pricing agreements made by the Central Board of Direct Taxes?
(a) 172
(b) 162
(c) 175
(d) 178
Answer: (c)
Related Facts:
- In August, 2017, the Central Board of Direct Taxes (CBDT) has signed four more unilateral advance pricing agreements (APAs) with Indian taxpayers.
- All these four advance pricing agreement is connected to telecommunications, banking, manufacturing and education sectors.
- The bilateral advance pricing agreement has been done for international transactions between an Indian company and a UK-based company.
- This is the 8th advance pricing agreement made with the United Kingdom and the overall 13th advance pricing agreement.
- The remaining 5 advance pricing agreements have been with Japan.
- With these four signings, the total number of APAs entered into by the CBDT has reached 175.
- These 175 agreements include 162 unilateral and 13 bilateral advance pricing agreements.
- In the current financial year, a total of 23 advance pricing agreements (21 unilateral and 2 bilateral) have been signed.
- The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing 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 mission of fostering a non-adversarial tax regime.
- The APA Scheme was introduced in the Income-tax Act in 2012 and the ‘Rollback’ provisions were introduced in 2014.
Reference:
http://indianexpress.com/article/business/cbdt-signs-4-more-advance-pricing-agreements-4828958/
http://www.dailypioneer.com/business-and-finance/cbdt-signs-4-more-advance-pricing-agreements.html