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Income Tax (Advance Pricing Arrangement) Rules 2023

Updated: Jun 30


The Minister, in the exercise of the powers conferred by paragraph 154(1)(eb) and (ec) of the Income Tax Act 1967 [Act 53], has made the Income Tax (Advance Pricing Arrangement) Rules 2023.


Application:

A taxpayer engaged in cross-border transactions may apply to the Director General for an advance pricing arrangement (APA) for the terms and conditions of covered transactions.


The application process for a taxpayer is subject to the following conditions:

  1. Taxpayers engaged in cross-border transactions with associated persons:

  2. from a country with an arrangement made under section 132 of the Act may only apply for a bilateral or multilateral APA.

  3. from a country without an arrangement made under section 132 of the Act may only apply for a unilateral APA.

  4. For an arrangement made under section 132 of the Act, a permanent establishment may only apply for a bilateral or multilateral APA. The application shall be made by the head office on behalf of the permanent establishment to the Director General.

Arm's Length Transfer Prices:

The arm's length transfer prices for an APA shall be determined in accordance with:

  1. Section 140A of the Act.

  2. The Income Tax (Transfer Pricing) Rules 2023 [P.U. (A) 165/2023].

  3. The arrangements made under section 132 of the Act.

For more information on Advance Pricing Arrangements (APA), you can download the Income Tax (Advance Pricing Arrangement) Rules 2023 by clicking the attachment below:-

153.1 Income Tax (Advance Pricing Arrangement) Rules 2023 [P.U (A) 166_2023]
.pdf
Download PDF • 731KB

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