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ARTICLE · 04 APRIL 2017

Rollback Provision Available In Respect Of Bilateral Advance Pricing Agreement Under The India-Korea DTAA

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A revised DTAA between India and Korea for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to taxes on income was signed on 18 May 2015 and came into force on 12 September 2016.

IndiaTax
Ashwin Bishnoi
Ashwin Bishnoi
Satish Padhi
Satish Padhi
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Introduction

As a major boost to multinational companies located in Korea and doing business in India, the Central Board of Direct Taxes (CBDT) has clarified that the roll back provision would be available for applications under bilateral Advance Pricing Agreement (APA) under the India-Korea Double Taxation Avoidance Agreement (DTAA), involving international transactions with associated enterprises in Korea for the APA period beginning Financial Year (FY) 2017-18. This goes in line with the agenda of the government to make India an easier place to do business and inspire confidence in Korean companies for resolving transfer pricing disputes.

Background

A revised DTAA between India and Korea for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to taxes on income was signed on 18 May 2015 and came into force on 12 September 2016. Article 9(2) of the revised India-Korea DTAA provides recourse to the taxpayers of both countries to apply

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