CBDT signs 26 APAs in FY20 so far

The Central Board of Direct Taxes (CBDT) has entered into 26 advance pricing agreements (APAs) in the first five months of the current financial year. With the signing of these APAs, the number of APAs entered into by the CBDT as of now stands at 297, which includes 32 BAPAs, CBDT said in a statement.

Of these 26 APAs, one is a bilateral APA entered into with the United Kingdom and the remaining 25 are unilateral APAs, it said. "The BAPA and UAPAs entered into during this period pertain to various sectors and sub-sectors of the economy like information technology, banking, semiconductor, power, pharmaceutical, hydrocarbon, publishing, automobile, etc," it said.

The progress of the APA scheme strengthens the government's resolve of fostering a non-adversarial tax regime, it said. 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, it added.

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