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This presentation is based upon two recent tax developments in India i.e. The Direct Taxes Code (DTC) 2013 and Advance Pricing Agreement (APA) updates.
Direct Taxes Code 2013 : DTC was introduced in the Indian Parliament in August 2010. Since then, there have been recommendations from various stakeholders, as well as, from the Parliamentary Standing Committee on Finance. As a follow-up on this initiative and as stated by the Finance Minister in his interim budget speech on 17 February 2014 a “revised" version of DTC 2013, has been released.
Advance Pricing Agreement : Another tax development that was closely followed and tracked by all stakeholders was APA, which was the launch in 2012 to provide a voluntary process, whereby, the Tax Authority and the taxpayer can resolve TP issues in a principled and cooperative manner on a prospective basis. Since the launch of the APA program, there has been an enthusiastic response from taxpayers and recent reports indicate that the Indian Tax Administration has concluded a few unilateral APAs.
For more information on EY India's tax services visit: http://www.ey.com/IN/en/Services/Tax/About-Our-Global-Tax-Services
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