The Central Board of Direct Taxes (CBDT) has signed a record 125 Advance Pricing Agreements (APAs) with Indian taxpayers in 2023-24.
The 125 Advance Pricing Agreements includes 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs).
The number of APAs signed in 2023-24 has increased by 31% as compared to previous year. 95 APAs were signed during the preceding financial year.
In 2023-24, CBDT also signed the maximum number of BAPAs in any financial year.
The BAPAs were signed as a consequence of entering into mutual agreements with India’s treaty partners namely Australia, Canada, Denmark, Japan, Singapore, the UK and the US.
The signing of bilateral APAs additionally provides the taxpayers with protection from any anticipated or actual double taxation.
