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India Reveals Profit Shifting Data

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

04 September 2013


The Indian Finance Ministry has said that it collects and analyzes data on a number of international transactions each year, with the aim of preventing profits being shifted out of the country.

The analysis is carried out in accordance with the Income Tax Act's transfer pricing provisions. The Act stipulates that income from an international transaction must be calculated using the arm's length principle. It also sets out the rules for taxing the income of foreign companies operating in India.

According to figures presented to parliament, INR700.16 trillion (USD10.5bn) worth of transfer pricing adjustments were made during the 2012-13 financial year. This is up considerably on the previous year, when INR445.31 trillion was adjusted. In 2011-12, the amount stood at just INR232.37 trillion.

TAGS: compliance | Finance | tax | business | tax compliance | India | ministry of finance | multinationals | transfer pricing | revenue statistics | Tax

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