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India Promises Safe Harbor Rules Soon

By Mary Swire, Tax-News.com, Hong Kong

06 March 2013


India's Finance Minister has promised that Safe Harbor rules providing advice to the IT industry and other sectors about transfer pricing will soon be issued.

P. Chidambaram made the announcement during his budget speech, and he suggested that the rules would be issued following the final report of the Rangachary Committee due at the end of March. The Committee was formed in mid-2012, with the tasks of finalizing Safe Harbour provisions announced in the 2010 Budget on a sector-by-sector basis, and of suggesting clarifications for the taxation of IT.

India recognized the need for Safe Harbors in the Finance (No 2) Act 2009. At the time, Deloitte noted "significant controversies and concerns" about transfer pricing audits in India, and IT professionals have been quoted as complaining about "absurd and arbitrary" demands by tax authorities.

TAGS: India | government committee | budget | transfer pricing | regulation

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