• Thursday, March 28, 2024

Business

Infosys signs APA with US, gets $225 million tax reversal

By: Sarwar Alam

IT major Infosys today said it has signed an Advance Pricing Agreement (APA) with the US revenue department, which will result in reversal of tax provisions of about $225 million. The reversal of the tax provisions will have a positive impact on its consolidated basic earnings per share (EPS) for the December, 2017 quarter by approximately $0.10, Infosys said in a statement. “In accordance with the APA, the company expects to reverse tax provisions of approximately $225 million made in previous periods which are no longer required (both under International Financial Reporting Standards and Indian Accounting Standards),” it added. Under…

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