CBDT invites comments to improve transparency in tax rulings

Last Updated: Apr 14 2018 | 10:36 PM IST

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New Delhi, Apr 14 (ANI): The Central Board of Direct Taxes on Saturday invited comments on draft notification proposing amendment to Rule 44E, Form 34C, 34D and 34DA as per Base Erosion and Profit Shifting (BEPS) Action 5, for improving transparency in tax rulings. Under BEPS Action 5, exchange of rulings on Permanent Establishment (PE) by authority for advance rulings is required to be done with the country of residence of the immediate parent company and the ultimate parent company. To bring greater transparency in cross national transactions, Form 34C and 34D (Forms for Advance Rulings) are required to be modified.