Wednesday, February 7, 2018
The Indian Central Board of Direct Taxes on February 7 announced that it entered into its first ever bilateral advance pricing agreement with a US firm, in cooperation with authorities in the US.
In total, during January 2018, the CBDT entered into five unilateral APAs and two bilateral APAs.
CBDT has now entered into 178 unilateral APAs and 18 bilateral APAs.
The 7 APAs entered into during January 2018 cover the related party transactions of companies engaged in banking, insurance, investment advisory, and information technology services, and the chemicals and engineering industries.
The APAs covered the following transactions: the provision of IT-enabled services, the provision of software development services, contract manufacturing, payment of a royalty, and the sale of goods, etc.