Government enters into 9 Unilateral Advance Pricing Agreements (UAPAs) with Indian taxpayers in July

Government enters into 9 Unilateral Advance Pricing Agreements (UAPAs) with Indian taxpayers in July

The Central Board of Direct Taxes (CBDT) entered into nine Unilateral Advance Pricing Agreements (UAPAs) with Indian taxpayers in the month of July 2017. The APA Scheme endeavors 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.

CBDT has signed its first APA with a taxpayer engaged in supplying rigs used in Oil & Gas exploration. The international transactions covered in these nine APAs include provision of software development services, engineering design services, distribution, contract manufacturing, etc.

Important Takeaways from Above News-

• The Central Board of Direct Taxes (CBDT) is a statutory authority functioning under the Central Board of Revenue Act, 1963.
• Sushil Chandra is the Chairman of CBDT.

• Rahul, Manu-Sumeeth clinch titles at Lagos Open

  

  
  

  Indian shuttler C Rahul Yadav and men's doubles pair of Manu Attri and B Sumeeth Reddy clinched the men's singles and men's doubles title respectively at Lagos International challenge in Nigeria.

  
  Rahul surpassed another Indian player Karan Rajan Rajarajan in the final clash to the title at the MoladeOkoya-Thomas Hall of the Teslim Balogun Stadium. In the doubles pair, Manu and Sumeeth, who played at the Rio Olympics, defeated local pair of Godwin Olofua and Anouluwapo Ju won Opeyori.

  
  

  Important Takeaways from Above News-

  • Abuja is the Capital of Nigeria.
  • The Currency of Nigeria is Nigerian naira.

  Summer Olympics: Los Angeles to host 2028 Games and Paris gets 2024

  

  
  

  Los Angeles reached an agreement with the leaders of the International Olympic Committee on plans to host the 2028 Summer Games. Los Angeles formally announced its bid for the 2028 Summer Olympics after agreeing on a deal that paves the way for Paris to host in 2024.

  
  

  The Los Angeles Olympic and Paralympic bid committee in cooperation with the International Olympic Committee (IOC), announced it recently. The LA bid committee stated that Los Angeles will host the Olympic Games and Paralympic Games 2028.

  
  

  Important Takeaways from Above News-

  • The first modern Olympic Games were held in Athens, Greece in 1896.

  Trump Awarded First Medal of Honor to Vietnam Army Medic

  

  
  

  An Army medic from Michigan who risked his life multiple times to rescue Vietnam War comrades is the first person to receive the Medal of Honor from President Donald Trump in Washington.

  
  

  Trump presented America's highest military honor to James McCloughan at a White House ceremony.

  
  

  Important Takeaways from Above News-

  • Donald John Trump is the 45th and current President of the United States.