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This marks the best ever APA signings in any monetary yr for the reason that launch of the APA programme, it stated.
The variety of APAs signed in 2023-24 additionally represents a 31 per cent improve in comparison with the 95 APAs signed through the previous monetary yr.
With this, the whole variety of APAs since inception of the APA programme has gone as much as 641, comprising 506 UAPAs and 135 BAPAs, it stated.
Throughout 2023-24 CBDT additionally signed the utmost variety of BAPAs in any monetary yr until date, it stated, including, the BAPAs had been signed as a consequence of getting into into mutual agreements with India’s treaty companions particularly Australia, Canada, Denmark, Japan, Singapore, the UK and the US.
The APA Scheme endeavours to supply certainty to taxpayers within the area of switch pricing by specifying the strategies of pricing and figuring out the arm’s size value of worldwide transactions prematurely for a most of 5 future years. Additional, the taxpayer has the choice to rollback the APA for 4 previous years, because of which, tax certainty is offered for 9 years. The signing of bilateral APAs moreover gives the taxpayers with safety from any anticipated or precise double taxation.
The APA programme has contributed considerably to the federal government of India’s mission of selling ease of doing enterprise, particularly for multinational enterprises which have a lot of cross-border transactions inside their group entities, it stated.
