India To Sign First Bilateral APA With Japan Soon
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In an attempt to revamp India’s image on the global map, the Indian tax authority will soon sign the advance-pricing agreement (APA) with Japanese counterpart for one such company based in Japan, which is interested in expanding its operations in India. If sealed, this would be the first bilateral “We are undertaking efforts to speed up and quicken the process of APAs and I am happy to mention that the APA between India and Japan in a particular company's case is finalised and it would be inked very soon,” said revenue secretary Shaktikanta Das at a conference organized by industry body
“This will bring in lot of clarity between our tax perception and activity of that particular company and the agreements between tax authorities in India and Japan,” he added.
It should be noted that Indian Prime Minister
“It augurs very well for investors from Japan who are looking at India. I think the APA to be signed between tax authorities of India and Japan will definitely give a very strong signal to all other Japanese investors and companies to look at India more positively,” noted Das.
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Additionally, he said that with the revenue department will work closely with India Inc to address taxation issues in the country. “From November onwards we will get on with our interaction with various industry groups. We will be starting our homework as part of preparation of the next budget. We are looking forward to an active engagement, very concrete and actionable suggestions from the industry,” said Das.
Commenting on the foreign portfolio investors, the high-ranked official averred that the fact that earning by foreign portfolio investors will be treated as capital gain will encourage foreign portfolio investors to shift base and locate themselves in India.
He explained to provide a business friendly, predictable environment for investors, there has to be a strong cooperation between all the stakeholders which include department and tax experts, professionals, tax executives and leading industrialists and entrepreneurs.
“It has to be a partnership effort between industry and practitioners and experts and the Revenue Department as there is a need for constructive engagement. We should move away from this whole business of aggressive tax planning vis-a-vis aggressive assessments,” said Das.
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