Latest News | CBDT Signs 95 APAs in FY'23, Highest Ever Since Launch
Get latest articles and stories on Latest News at LatestLY. The Income Tax department has signed 95 advance pricing agreements (APA) in 2022-23 -- the highest ever in any financial year since its launch in 2012.
New Delhi, Sep 1 (PTI) The Income Tax department has signed 95 advance pricing agreements (APA) in 2022-23 -- the highest ever in any financial year since its launch in 2012.
"In FY 2022-23, CBDT recorded the highest ever APA signings in any financial year since the launch of the APA programme, signing a total of 95 APAs," the income tax department said in a statement.
Also Read | Income Tax Deadlines in September 2023: Know Last Dates For Important IT-Related Works.
The APA programme of CBDT is one of its foremost initiatives for promoting an investor-friendly and non-adversarial tax regime in India. Since its commencement in July 2012, the Indian APA programme has contributed significantly to the Government of India's mission of promoting ease of doing business, it added.
The Central Board of Direct Taxes (CBDT), which is the apex decision-making body in direct taxes, also signed 32 Bilateral Advance Pricing Agreements (BAPAs) in 2022-23 being the maximum number of BAPAs in any financial year till date.
The BAPAs were signed as a consequence of entering into mutual agreements with India's treaty partners-- Finland, the UK, the US, Denmark, Singapore, and Japan.
Bilateral APAs help reduce the transfer pricing disputes that arise in respect of international transactions between related companies located in the two countries. Also, they would lend certainty to international transactions between related companies of the two countries.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)