The rules for transfer pricing will be finalised by the Central Board of Direct Taxes (CBDT) within a fortnight.
CBDT joint secretary GC Srivastava said at a Ficci seminar on the draft rules for transfer pricing that the draft rules had received overwhelming response from both within and outside the country. He added that views expressed by the industry and experts would be accommodated to the extent possible in the final rules.
CBDT member Raj Narain said that the government was now focusing on the implementation of the transfer pricing guidelines. Narain added that to train the tax administrators in the implementation of the transfer pricing legislation, the government would seek help from the foreign experts.
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He said the posts of the director general of foreign taxes (DGFT) and the four commissioners of foreign tax at the four metros had been created to monitor implementation. DGFT will be in charge of co-ordinating and ensuring proper implementation of the transfer pricing rules, said Narain.
The commissioner of foreign taxes will be assigned the cases of MNEs which will be dealt with by his team consisting of the joint commissioner and assessing officers.
Srivastava said the tax authorities had wide ranging discussions with OECD experts. The CBDT has suggested in the draft rules that the