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.
The APA programme of Central Board of Direct Taxes 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.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
The 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 U.K., the U.S., 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.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
