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Infosys has signed APA with US revenue department

Infosys has signed an Advance Pricing Agreement (APA) with the US revenue department, which will lead to reversal of tax provisions of approx USD 225 million.

This reversal will have a positive effect on its consolidated basic earnings per share for the December,2017 quarter by approx USD 0.10.

Infosys in a statement said, “In accordance with the APA, the company expects to reverse tax provisions of approximately USD 225 million made in previous periods which are no longer required (both under International Financial Reporting Standards and Indian Accounting Standards).”

Further it said that, under the APA, Infosys and the US Internal Revenue Service have agreed on the terms of methodology for allocating revenues and computing the taxable income of the company’s US operations, and it will be covering financial years from 2011 to 2021.

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