MUMBAI: High net-worth individuals who have invested in residential properties in the UK, will now have to deal with the issue of inheritance tax, which their heirs are unlikely to escape from. In its budget introduced in Parliament in June, the UK plugged a loophole that enabled foreign property buyers… – Continue reading
Seeking to allay fears, the government said full confidentiality will be maintained with regard to disclosures of unaccounted overseas wealth made under the black money compliance window and only those who do not take advantage of the scheme need to worry, reports PTI according to the Free Press Journal. Asking… – Continue reading
Only 23 percent of business leaders feel that recommendations from the OECD on base erosion and profit shifting will be successfully implemented, according to the findings of a new survey by Grant Thornton. Three quarters of business leaders would pay more taxes in exchange for greater clarity from authorities on… – Continue reading
Would businesses really be willing to pay more tax if they had more certainty on what is acceptable for cross-border tax planning? According to a recent Grant Thornton International Business Report, three quarters of business leaders would in fact be ready to pony up more taxes in exchange for greater… – Continue reading
High net worth individuals seen using illiquid stocks in options segment to evade taxes, manipulate markets; order likely soon The Securities and Exchange Board of India (Sebi) is likely to act against several wealthy investors, for alleged manipulation of the stock exchange route for evading taxes. Sources said the market… – Continue reading
India follows common approach for implementation of FATCA and CRS New Delhi, Aug 8: The Finance Ministry has come up with the rules for information reporting under the Foreign Account Tax Compliance Act (FATCA), spelling out the timelines and the entities have to comply with the new requirements. The new… – Continue reading
Prime Minister Narendra Modi needs to offer much more than just his best intentions to clean up India’s whimsical tax regime to help convince insurers. Companies from Allianz SE to American International Group Inc. are avoiding offering tax-liability coverage in India’s cross-border mergers and acquisitions market because of a relatively… – Continue reading
Sebi has started cracking down on offshore units of major global banks for their suspected role in manipulation of share prices in the Indian stock market. Capital markets regulator Sebi has started cracking down on offshore units of major global banks for their suspected role in manipulation of share prices… – Continue reading
Holding out no assurance of an absolute confidentiality to those disclosing foreign assets on their own, the government on Tuesday said details of information provided during the one-time compliance window can be revealed in the public interest. “In this (black money) law, there is no assurance of confidentiality but at… – Continue reading
LONDON–(BUSINESS WIRE)–Three quarters of business leaders would pay more taxes in exchange for greater clarity from authorities on what is acceptable, according to the Grant Thornton International Business Report (IBR), a global survey of 2,580 businesses in 35 economies. And while few expect a global agreement any time soon, the… – Continue reading
MONTRÉAL, Aug. 5, 2015 /CNW Telbec/ – Three quarters of business leaders would pay more taxes in exchange for greater clarity from authorities on what is acceptable for tax planning, according to the Grant Thornton International Business Report (IBR), a global survey of 2,580 businesses in 35 economies. And while… – Continue reading
The recommendations of Justice AP Shah-led three-member committee on minimum alternative tax (MAT) has come in for big relief to foreign investors. The 64-page report, exclusively accessed by dna, says a foreign investor is not liable to pay MAT prior to April 1, 2015. The report, however, is silent on… – Continue reading
MUMBAI: HSBC has been asking all “politically exposed persons” (PEP) having accounts with the bank to disclose their source of fund and income. The bank is also refraining from opening accounts of US-based non-resident Indians and persons of India origin in the wake of the Foreign Account Tax Compliance Act… – Continue reading
There is nothing in the Reliance Quant Plus Fund to attract an investor. The fund has consistently lagged its category and the benchmark Nifty in the past five years. Its past one year performance is ranked 141 out of 143 large-cap equity funds. Value Research has put it in the… – Continue reading
New Delhi, Aug 3: India has signed its first unilateral roll back Advance Pricing Agreement (APA), bringing certainty to tax liability of a US-headquartered multinational company for a nine year period. This is significant as this agreement between the central board of direct taxes (CBDT) and the taxpayer comes within… – Continue reading
India and the US recently signed a tax information sharing agreement that will facilitate exchange of information between the two countries, beginning October. Foreign Account Tax Compliance Act (Fatca) was enacted by the US government in 2010, as part of the Hiring Incentives to Restore Employment (HIRE) Act. Fatca requires… – Continue reading
DELHI: Finance Minister Arun Jaitley today said as many as 37,506 tax dispute cases were pending before various Income Tax Appellate Tribunals having a financial implication of Rs 1.45 lakh crore at end March 2015. Similarly, Rs 37,683.98 crore has been locked in 34,281 tax dispute cases pending before various… – Continue reading
The Hong Kong Monetary Authority ordered a local unit of India’s largest bank to pay a HK$7.5 million ($960,000) penalty for failing to carry out proper checks to prevent money laundering and terrorism financing. In its first action since gaining new anti-money laundering powers in 2012, the HKMA said the… – Continue reading
MUMBAI: The Financial Services Commission (FSC) of Mauritius, which is the regulatory body for the Mauritian non-banking financial services sector, has introduced a new application form for obtaining a tax residency certificate (TRC). FSC verifies these applications and recommends issue of the Mauritius tax residency certificate by the Mauritius revenue… – Continue reading
NEW DELHI: Government today said the tax department will expeditiously process the cases where FIIs have claimed exemption from minimum alternate tax (MAT) as a benefit under the bilateral tax treaties. “The CBDT ( Central Board of Direct Taxes) has directed its officers to expeditiously process the cases where the… – Continue reading
The Indian Income Tax Act 1961 in its section 172 deals with “Shipping business of non-residents”. Section 172 of the Act applies “for the purpose of the levy and recovery of the tax in the case of any ship, belonging to or chartered by a non-resident, which carries passengers, livestock,… – Continue reading
In the midst of the Special Investigative Team (SIT) on undisclosed money flagging concern on participatory notes (p-notes), the Securities and Exchange Board of India (Sebi) says it is probing a case of alleged round tripping. The term refers to transactions between companies that bolster their revenue but, in the… – Continue reading
NEW DELHI: The government today said it’s taking effective steps to deal with black money and will focus on high-impact cases with a view to prosecuting offenders expeditiously for credible deterrence against tax evasion. “While focusing on non-intrusive measures, due emphasis has been given on enforcement measures in high-impact cases… – Continue reading
Companies and govts have been playing the cat-and-mouse game for several decades on transfer pricing Only a naivete would think of Hilary Clinton’s proposal last week to scale up the rate of capital gains tax as a mere concept to streamline America’s tax rate structure. It is being perceived as… – Continue reading
MUMBAI: The identity of taxpayers who opt for an advance pricing agreement (APA) in the field of transfer pricing will continue to remain confidential. Such information cannot be made available under the provisions of the Right to Information Act (RTI), according to the Central However, responding to a second appeal… – Continue reading
Just as every new government fiddles around with high school history text books, it also dabbles in Mauritius and P-notes. Both actions have a sharp, short-lived impact, leaving behind a trail of conspiracy theories. Mauritius and P-notes are ghosts that New Delhi and regulators could never quite exercise. They unfailingly… – Continue reading
The Indian cabinet on Wednesday approved foreign investment in Alternative Investment Funds (AIFs), a category of pooled-in investment vehicles for real estate, private equity and hedge funds, reports Bloomberg. The move comes after Finance Minister Arun Jaitley promised in his Budget speech that rules will be liberalised to channel more… – Continue reading
Understanding FATCA and having a comprehensive FATCA compliance program is essential for financial firms to limit non-compliance risk and meet obligations with relevant IGA’s. The US has made inroads on the Exchange of Information front and tax havens like Switzerland have declared a willingness to meet or even exceed OECD… – Continue reading
There is a rising trend that many start-ups incorporate their ultimate holding companies abroad, especially in Singapore for various reasons with tax being one of the top 3 factors for such decisions. Some of them have restructured the holding structures after few months of direct Indian holding to accommodate requests… – Continue reading
NEWS DELHI: It has consistently lagged the large-cap equity fund category and the benchmark Nifty in the past five years. Its past one year performance is ranked 141 out of 143 large-cap equity funds. Mutual fund tracker Value Research has put it in the doghouse with a two-star rating. Yet,… – Continue reading
The Supreme Court-appointed special investigative team’s (SIT’s) recommendation of stricter norms for participatory notes (P-notes), to check the flow of unaccounted money, is likely to be viewed negatively by the market. The SIT had last week suggested the Securities and Exchange Board of India (Sebi) put in place regulations to… – Continue reading
The Supreme Court-appointed special investigation team on black money has called for clamping down on betting in cricket and stringent checks to prevent rampant use of unaccounted funds in educational institutions by way of donations and capitation fee. The panel has also called for a cash holding limit of Rs… – Continue reading
Fatca was introduced in 2010, to curb offshore tax evasion by US entities and citizens Even after the signing of a treaty between the governments of India and America to comply with the latter’s Foreign Account Tax Compliance Act (Fatca), mutual funds (MFs) continue to remain wary of accepting investments… – Continue reading
MUMBAI: Suspecting tax evasion of at least Rs 5,000-6,000 crore, regulator Sebi has clamped down on a large number of organised syndicates who had set up ‘shops’ to convert black money into legitimate-looking funds through the stock market platform. While more than 900 entities have been banned from capital markets… – Continue reading
SINGAPORE – Singapore’s asset management industry grew strongly last year, with more sovereign wealth funds setting up shop here. Assets under management (AUM) rose 30 per cent to S$2.36 trillion in 2014 from S$1.82 trillion in 2013, said the Monetary Authority of Singapore’s (MAS) annual report 2014/15 released on Tuesday…. – Continue reading
TOKYO — Disputes over cross-border double taxation can take a decade to resolve, putting a heavy burden on multinational corporations, but this would be shortened to around two years under new rules being crafted by the OECD and the Group of 20 major economies. Corporations can seek to resolve such… – Continue reading
Finance Minister Arun Jaitley will seek the Union Cabinet’s approval for a model investment protection agreement that will enable India to safeguard against offshore arbitration and international litigation from global companies and also resume talks with the U.S. on a Bilateral Investment Treaty (BIT). One of the reasons talks between… – Continue reading
New Delhi has proposed the setting up of a bilateral high-level group to discuss with Washington its concerns on the long-pending issue of US “visa restrictions” affecting the easy movement of Indian skilled professionals, especially in the IT sector. New Delhi has proposed the setting up of a bilateral high-level… – Continue reading
Several measures have been taken to combat black money both by way of policy level initiatives as well as through more effective enforcement action. The fall in deposits by Indians in Swiss banks may be a result of the steps being taken by the government to unearth black money stashed… – Continue reading
Double Taxation Avoidance Agreement or DTAA is an agreement between two countries which aims to avoid taxation of the same income in both countries. India has signed the DTAA with several countries. During assessment of an assessee to whom DTAA applies, the provisions of the Income Tax Act apply only… – Continue reading
NEW DELHI: To protect confidentiality of tax information from abroad, the CBDT has warned of stern action against those making unauthorised disclosures as it amounts to breach of treaty commitments and cause embarrassment to the government. The Central Board of Direct Taxes (CBDT) said the confidentiality of taxpayers’ information has… – Continue reading
July 17: A large manufacturing company has resolved its transfer pricing issues by means of a mutual agreement procedure (MAP) reached between India and Japan. The MAP was signed in less than a year of its application, following two meetings between the Competent Authorities of India and Japan. The MAP… – Continue reading
India and Mauritius are set to limit the benefits of their double tax avoidance agreement (DTAA) to only genuine businesses bringing foreign direct investment to India by inserting a new clause in the treaty straight from New Delhi’s yet to be implemented General Anti-Avoidance Rules (GAAR). The revised treaty, however,… – Continue reading
DEVELOPED countries throughout the world are stepping up efforts to curb base erosion and profit shifting (BEPS), a scheme used by multinational companies to avoid paying taxes estimated as high as $200 billion globally, especially when doing business across different jurisdictions. At the 2015 Asia Pacific Tax Symposium hosted last… – Continue reading
Over the past few months, several foreign portfolio investors registered in India have received notices from the Indian tax authorities demanding payment of Minimum Alternate Tax in respect of transactions which took place over the course of prior assessment years. The Indian Government has indicated that it could raise several… – Continue reading
MUMBAI: The government may soon clarify tax rules making it easier for fund managers operating large India-dedicated funds to set up an office in the country, four months after finance minister Arun Jaitley announced in the budget about the government’s intentions to do so. The finance ministry and the central… – Continue reading
Energy giants called to explain billions in tax havens To describe Gorgon as another super-sized resources project in Western Australia does not do justice to the scale and scope of the venture. When the taps are turned on later this year and liquefied natural gas begins to flow, Australia will… – Continue reading
Mauritius’ former finance minister claims that his country has given up the right to tax capital gains. This has raised questions regarding the scope of the renegotiation of the India-Mauritius Double Tax Avoidance Treaty (DTAA) Former finance minister of Mauritius says renegotiated tax treaty with India will have devastating effect… – Continue reading
The Union Government on 12 July 2015 appointed international lawyer Rodrigo Oreamuno to arbitrate with the UK telecom major Vodafone in the 20000 crore rupees tax case on its behalf. Oreamuno replaces former Chief Justice of India RC Lahoti, who recused himself in May 2015. Vodafone already named Yves Fortier… – Continue reading
Over the past few months, several foreign portfolio investors registered in India have received notices from the Indian tax authorities demanding payment of Minimum Alternate Tax in respect of transactions which took place over the course of prior assessment years. The Indian Government has indicated that it could raise several… – Continue reading
