{"id":104461,"date":"2017-02-07T14:34:00","date_gmt":"2017-02-07T09:04:00","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=104461"},"modified":"2017-02-07T14:34:00","modified_gmt":"2017-02-07T09:04:00","slug":"cbdt-signs-4-unilateral-advance-pricing-agreements-pertaining-to-manufacturing-financial-information-technology-sectors","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/02\/07\/cbdt-signs-4-unilateral-advance-pricing-agreements-pertaining-to-manufacturing-financial-information-technology-sectors\/","title":{"rendered":"CBDT signs 4 unilateral Advance Pricing Agreements\u00a0pertaining to Manufacturing, Financial &#038; Information Technology sectors"},"content":{"rendered":"<div class=\"contentdiv\">\n<div style=\"text-align: justify;\" align=\"center\">The Central Board of Direct Taxes (CBDT),Department of Revenue, Ministry of Finance has entered into four more unilateral Advance Pricing Agreements (APAs) yesterday. 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. This includes 8 bilateral APAs and 122 Unilateral APAs. In the current financial year, a total of 66 APAs (5 bilateral APAs and 61 unilateral APAs) have already been entered into. The CBDT expects more APAs to be concluded and signed before the end of the current fiscal.<br \/>\nThe APA Scheme was introduced in the Income Tax Act in 2012 and the \u201cRollback\u201d 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. Since its inception, the APA scheme has evinced a lot of interest from taxpayers and that has resulted in more than 700 applications (both unilateral and bilateral) being filed so far in about five years. The progress of the APA Scheme strengthens the Government\u2019s resolve of fostering a non-adversarial tax regime. The Indian APA program has been appreciated nationally and internationally for being able to address complex transfer pricing issues in a fair and transparent manner.<\/div>\n<div style=\"text-align: right;\">Ministry of Finance<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Central Board of Direct Taxes (CBDT),Department of Revenue, Ministry of Finance has entered into four more unilateral Advance Pricing Agreements (APAs) <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-104461","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBDT signs 4 unilateral Advance Pricing Agreements\u00a0pertaining to Manufacturing, Financial &amp; 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