Financial Daily from THE HINDU group of publications
Thursday, Mar 07, 2002
Financial Daily from THE HINDU group of publications Thursday, Mar 07, 2002 |
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Government
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Policy Special cells to monitor transfer pricing planned Our Bureau
NEW DELHI, March 6 THE Government will set up special cells to look into any possible problems that could arise while implementing the transfer pricing legislation, the Revenue Secretary, Dr S. Narayan, has said. Responding to concerns of the US industry and the Government on the specific issue of penalties levied for violating transfer pricing regulations, Dr Narayan reiterated that they were at moderate levels. He pointed out that the transfer pricing legislation in the country was broadly based on guidelines framed by the Organisation for Economic Cooperation and Development (OECD). At the same time, he assured the representatives of the United States India Business Council (USIBC) that the legislation would be applied with extreme care.
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