Ever since the inception of the transfer pricing (TP) regulations in India, tax authorities have become increasingly vigilant when scrutinising the inter-company transactions and TP policies of multinationals (MNE), resulting in increased intensity of TP audits and a huge quantum of TP adjustments close to $37.21 billion (to date).
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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