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India has entered into new bilateral advance pricing agreements (APAs) with the United Kingdom and Japan, India's Central Board of Direct Taxes (CBDT) announced on February 28.
The two APAs were entered into over the last week. The CBDT also signed seven unilateral APAs. The APAs signed pertain to various sectors of the economy such as telecoms, pharmaceuticals, banking and finance, steel, retail, and information technology, and cover international transactions involving royalties, software development services, and interest payments.
Some of the APAs signed include roll-back provisions.
With the latest agreements, India has entered into 140 APAs (130 unilateral APAs and 10 bilateral APAs), and expects more APAs to be concluded and signed in the near future.
The APA Scheme was introduced in the Income Tax Act in 2012 and rollback provisions were newly permitted from 2014.
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