A scheme of obtaining advance rulings has been in place in India since the early 1990s to help taxpayers better plan their affairs and to help prevent long and expensive litigation. Although this is a useful tool, there have been practical challenges and delays in obtaining advance rulings over the last few years. As a result, rulings which are required to be issued within six months are taking more than four years.
The OECD had previously missed a June 30 deadline to agree an MLC on amount A; in other news, UK corporation tax bills surged to a record high last year