3M Pays $18.8 Million After Reaching India Transfer Pricing Pact

A 3M Co. unit in India has recorded a tax expense of 170.95 crore ($18.8 million) after finalizing an advance pricing agreement to resolve transfer pricing-related tax litigation.

• 3M India Ltd. said it signed and concluded the agreement with India’s Central Board of Direct Taxes on Feb. 23.
• The APA covers tax-litigation matters pertaining to the financial years 2014-15 to 2022-23, 3M said.
• The company had originally filed for the APA in 2018 to resolve the transfer pricing litigation. It said it accepted the terms of the draft APA earlier this month.