India To Enhance Transparency By Exchanging Rulings Under BEPS Action 5

The Central Board of Direct Taxes (CBDT) announced a proposing amendment to domestic law (rule 44E, Form 34C, 34D and 34DA) based on recommendations in BEPS Action 5. This revamp intends to improve transparency regarding tax rulings.

The Proposal

As suggested in Action 5, the proposal intends to enhance the exchange of PE rulings authorised in advance by authorities to bring greater transparency in cross national transactions. This means that India will not only exchange such rulings with the countries of residence of all related parties with whom taxpayers enter into transaction, but also with the country of residence of the immediate parent company and the ultimate parent company. Accordingly, details such as name, address and country of the residence of non-resident’s immediate parent company or ultimate parent company are captured in application stage itself.

Response to the Consultation

The comments and suggestions of stakeholders and general public on the above draft notification are invited. The comments and suggestions may be sent electronically by April 25, 2018.

Source: CBDT

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