Veerasundar Veluswamy,
EVP & Chief Financial Officer,
CSS Corp.
“The introduction of a “Roll Back” provision in the Advanced Pricing Agreement (APA) scheme so that an APA entered into for future transactions is also applicable to international transactions undertaken in previous four years in specified circumstances. This helps reduce long standing litigation affection the IT/ITES industry severely. Introduction of advance ruling for payments made to residents will provide much needed clarity on the taxability of the transaction and avoiding litigation. Continuation of tax rate of 15% on foreign dividends received without any sunset clause will help continue the cash repatriation from foreign arms of India IT/ITES companies.”
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