New Delhi [India]: The Central Board of Direct Taxes (CBDT) signed the 300th advance pricing agreement (APA) during September, an official spokesperson said on Tuesday.
This is a significant landmark of India's APA Programme which is currently in its seventh year, said spokesperson Surabhi Ahluwalia.
Three APAs were entered into last month, of which two were unilateral and one bilateral, which has taken the total number of APAs signed by CBDT to 300.
During the ongoing fiscal, the total number of APAs entered into has gone up to 29 (27 unilateral and two bilateral). The bilateral APA signed in September pertains to Britain.
The APAs pertain to various sectors like retail, garments, and consumer foods. The international transactions covered in these agreements include a provision of software development services, contract manufacturing, provision of IT-enabled services and provision of support services.
Ahluwalia said in a statement that the APA scheme continues to make good progress in providing tax certainty to multinational enterprises. It reflects the government's commitment to fostering a non-adversarial tax regime.
The Indian APA programme has been appreciated nationally and internationally for being able to address complex transfer pricing issues in a fair and transparent manner.