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India: Transfer pricing proposals in 2018 budget, country-by-country reporting clarifications

India: Transfer pricing proposals in 2018 budget

The Finance Minister on 1 February 2018 presented the Union Budget 2018 that includes proposals to clarify rules for implementation of the country-by-country (CbC) reporting requirements.

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The due date for furnishing the CbC report would be extended, to a date that is 12 months from the end of the reporting accounting year. The due date, thus, would vary for each situation, depending on the reporting accounting year of the taxpayer. For FY 2016-17, the due date has already been extended to 31 March 2018.

The rules provided in the budget are also clarified for Indian entities having a foreign parent company when the foreign parent company is not required to file a CbC report. In such instances, the proposals address when Indian entities or an “alternative reporting entity” would be required to file the CbC report in India.

The amendments would be effective retroactively from 1 April 2017 and, thus, would apply in relation to the assessment year 2017-18 (financial year 2016-17) and subsequent years.

 

Read a February 2018 report [PDF 431 KB] prepared by the KPMG member firm in India

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