The Central Board of Direct Taxes (CBDT) entered into five Unilateral Advance Pricing Agreements (UAPA) and two Bilateral Advance Pricing Agreements (BAPA) during the month of January, 2018, taking the total number to 196, including 178 Unilateral APAs and 18 Bilateral APAs.
In the current financial year, a total of 44 APAs (7 Bilateral and 37 Unilateral) have been signed till date, the CBDT said in an official notice.
The two Bilateral Agreements signed in the month of January, 2018, inter alia, include the first BAPA signed with the USA, while the seven APAs entered into during January, 2018 pertain to various sectors of the economy like banking, insurance, investment advisory, information technology, chemicals and engineering.
The international transactions covered in these agreements include provision of IT enabled services, provision of software development services, contract manufacturing, payment of royalty, and sale of goods.
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