Today's Important Points

• US army medic conferred Medal of Honour by President Trump 48 years later on - 1st August 2017
• Renowned scientist Pushpa Mitra Bhargava passed away on - 1st August 2017
• Planning to relocate tigers from Vidarbha region to sanctuaries by - Maharashtra government

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Government enters into nine Unilateral Advance Pricing Agreements (UAPAs) with Indian taxpayers in July, 2017

• The Central Board of Direct Taxes (CBDT) entered into nine Unilateral Advance Pricing Agreements (UAPAs) with Indian taxpayers in the month of July, 2017. Some of the UAPAs signed had rollback provisions also.
• The APA Scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the Arm’s Length Price of international transactions in advance for a maximum period of five future years. Further, the taxpayer has the option to rollback the APA for four preceding years, as a result of which, a total of nine years of tax certainty is provided. Since its inception, the APA scheme has attracted tremendous interest among Multi National Enterprises (MNEs).
• 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 the provision of software development services, provision of IT enabled services, provision of engineering design services, distribution, contract manufacturing, etc.

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IMPORTANT DAYS

World Day against Trafficking in Persons: 30 July

World Day against Trafficking in Persons is observed annually on 30th July to raise awareness of the plight of victims of human trafficking and to protect their rights.

• World Day against Trafficking in Persons 2017 Theme: ‘Act to Protect and Assist Trafficked Persons’

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