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India's Central Board of Direct Taxes has constituted an expert committee to examine the final base erosion and profit shifting (BEPS) recommendations and to devise a roadmap for implementing the recommendations.
The announcement is part of a year-end review report, published by the CBDT on January 8, 2017, setting out details of the major work undertaken during the 2016-17 financial year.
According to the report, the BEPS recommendations will be implemented by carrying out appropriate amendments to the Income Tax Act and by framing of relevant rules and guidelines. It notes that the 2016 Finance Act has already introduced amendments needed to implement some of the BEPS Actions Items such as its equalization levy (on foreign suppliers of online advertising services) and country-by-country reporting.
The report includes details about the Income Tax Department's activities under the mutual agreement procedure and the advance pricing agreement (APA) regime. It notes that out of 115 APAs, a total of 47 unilateral APAs and four bilateral APAs have already been concluded in the first six months of the current financial year. The CBDT expects to sign more APAs in the near future.
Finally, the report reaffirms the Government's commitment to implementing India's perennially delayed General Anti-Avoidance Rules (GAAR) this year.
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