What is Unilateral Advance Pricing Agreements? The Aadhaar PAN and Tax Linking makes the news worth discussing

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As per official statement Oil & Gas exploration rigs supplier is the first entity signing Unilateral Advance Pricing Agreements which is made with potential Indian taxpayer, Great seems some thing extraordinary move, any connection with aadhar card?

Is common taxpayer with small amount tax eligible for UAPA, Unilateral Advance Pricing Agreement? Lets go ahead with the full news before talking other aspects -

Government entered into nine APAs signed in the month of July, 2017 pertain to diverse sectors of the economy. CBDT has signed its first APA with a taxpayer engaged in supplying rigs used in Oil & Gas exploration. Other than the Oil & Gas Sector, the APAs pertain to Education, Banking, Pharmaceutical, Manufacturing and Information Technology sectors of the economy.

The international transactions covered in these nine APAs, Unilateral Advance Pricing Agreements include provision of software development services, provision of IT enabled services, provision of engineering design services, distribution, contract manufacturing, etc.

The nine APAs signed in the month of July, 2017 pertain to diverse sectors of the economy. CBDT has signed its first APA with a taxpayer engaged in supplying rigs used in Oil & Gas exploration. Other than the Oil & Gas Sector, the APAs pertain to Education, Banking, Pharmaceutical, Manufacturing and Information Technology sectors of the economy. The international transactions covered in these nine APAs include provision of software development services, provision of IT enabled services, provision of engineering design services, distribution, contract manufacturing, etc.

The number of UAPAs signed in the current financial year is 18 and the number of BAPAs signed in the current financial year is one. With this, the total number of APAs signed till date stands at 171 (Unilateral-159 and Bilateral-12). The CBDT expects more APAs to be signed in the near future.

The progress of the APA Scheme strengthens the Government’s commitment to foster a non-adversarial tax regime.

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