The pet project of Prime Minister Narendra Modi – the International Financial Services Centre (IFSC) – housed in the Gujarat International Finance Tec City – has received a boost in the Union Budget 2016/17. The long pending tax issue has been decided with 9 per cent minimum alternate tax (MAT),… – Continue reading
Indian equity markets trimmed their losses and continue to trade weak in late morning session on account of selling in frontline blue chip counters. Sentiments remained down-beat with the repot that the Finance Ministry has cut its ambitious disinvestment revenue target by 57% to Rs 30,000 crore for the current… – Continue reading
MUMBAI: Indian banks and mutual funds have in the past fortnight started warning NRIs who hold an American passport or are working in the US that their accounts could be frozen unless they get a tax-compliant certificate from US authorities, thanks to a treaty signed by New Delhi and Washington…. – 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
The Dubai International Financial Centre spent the first 10 years of its existence looking to banks in the West. It’s planning to spend the next decade looking East, reports the Gulf Times. DIFC, as the tax-free business park is called, became the Middle East’s biggest financial centre by attracting the… – Continue reading
Bank of India, Bank of Baroda, Corporation Bank, Punjab & Sind Bank, HDFC Bank and many others have signed up for space in Gujarat’s International Finance Tec-City (also known as Gift City). In fact, banks are expected to be the first to kick off operations in 2016/17, when the International… – Continue reading
The Government of India brought in a retrospective amendment in 2012 to nullify the Supreme Court judgement in the case of Vodafone International Holdings B.V. to tax capital gains arising from transfer of shares or interest in a foreign company deriving its value ‘substantially’ from Indian assets. However, the Government… – Continue reading
High Court supports Tax Appeal Tribunal’s decision on SBI High Court has approved the decision made by the Tax Appeal Tribunal, which supports the decision made by Maldives Inland Revenue Authority’s (MIRA) for State Bank of India (SBI) to pay MVR 55.6 million in the form of additional tax. The… – Continue reading
