INTERNATIONAL TAXATION RULING PROCEDURES: AN OVERVIEW

International taxation ruling procedures provide guidelines pertaining to cross border transactions by firms and companies mostly MNCs operating in different jurisdictions. The significance of International taxation ruling procedures just to mention a few are its function in providing tax certainty, avoiding double taxation, providing consistency and fairness and compliance to easing complexities for both taxpayers and the tax authorities to promote investment in a global tax environment for governments and businesses operating across border to facilitate transparency and efficiency. International taxation ruling procedures covers various areas however the aim of this paper is to focus on Advance Pricing Agreements (APA) as a taxation procedure used to avoid double taxation and eliminate transfer pricing disputes by requiring a set of procedures to be followed or determined by the taxpayers and tax authorities prior to the transactions. According to the Organisation for Economic Cooperation and Development’s (OECD),’’ Advance Pricing Agreements (APA) processes provide greater tax certainty for international taxpayers and tax administrations around the world’’.