Top officials from IT, BPO and eCommerce sectors today requested Finance Minister Arun Jaitley to address certain issues related to taxation in the Budget 2015-16, and provide incentives for setting up data centres in the country. They also suggested that the minister look at ways to help in growth of… – Continue reading
RAMALLAH, January 12, 2015 (WAFA) – Premier Rami Hamdallah slammed Monday Israel’s ongoing withholding of Palestinian tax revenues as illegal. “Israel’s ongoing withholding of Palestinian tax revenues is illegal and stands in violation with international laws and norms,” said Hamdallah during a meeting with Representative of India to Palestine Mahesh… – Continue reading
Globally, the sphere of taxation has witnessed a constant tussle between its primary players – while governments continually strive to maximise revenue and widen the tax base through successive amendments to tax laws and streamlining tax administration, taxpayers seek to arrange their affairs in a manner so that the incidence… – Continue reading
A senior Indian Revenue Services (IRS) officer attached to the investigation wing of the Income Tax department here is under the scanner of the Central Bureau of Investigation (CBI) which is probing a multi-city income tax evasion scam involving senior Income Tax (I-T) officials, chartered accountants and businessmen, The Hindu… – Continue reading
The man who blew the whistle on the HSBC tax scandal tells Sky he first raised concerns seven years ago, when Labour was in power. Herve Falciani, the man who exposed a tax scandal at HSBC by leaking thousands of account details from a Geneva branch, says he first raised… – Continue reading
Bangladesh central bank has summoned local HSBC officials over recent reports in global media alleging the bank’s involvement in helping clients to evade taxes. The multinational bank’s Dhaka officials have been asked to come to the Bangladesh Bank (BB) on Thursday. “Recent media reports claim that a lot of people… – Continue reading
Some Indian financial intermediaries are looking to no less than the US President to ease recent regulatory pangs. The Foreign Account Tax Compliance Act (Fatca) created a headache for many local intermediaries, even as they rang in the New Year. The law requires intermediaries abroad to provide information on clients… – Continue reading
India has pushed for fast implementation of the automatic exchange of information that would help to trace transactions of money illegally stashed abroad. The issue was raised by minister of state for finance Jayant Sinha at the meeting of G20 finance ministers and central bank governors. “The minister advocated for… – Continue reading
New Delhi, Jan. 11: US President Barack Obama’s visit during Republic Day is expected to set the tone for closer engagements with India as the two nations look to boost bilateral trade to a targeted $500 billion. Obama is the first US President to not only attend the 26th January… – Continue reading
ISTANBUL: Committing to resist protectionism, the G20 nations have pledged to improve business environment to promote growth and strengthen transparency to prevent cross border tax evasion. The G20 Ministers also expressed concern over terrorist activities and called upon the member nations to expeditiously comply with international norms concerning exchange of… – Continue reading
Kenya, India to ratify double taxation agreement NAIROBI, Feb. 10 (Xinhua) — Kenya and India will soon ratify an agreement on the avoidance of double taxation, officials said on Tuesday. India’s Deputy High Commissioner to Kenya Sushil Singhal told Xinhua in Nairobi that the ratification of the agreement signed in… – Continue reading
Istanbul: Minister of State for Finance Shri Jayant Sinha attended the G-20 Meeting of Finance Ministers and Central Bank Governors in Istanbul, Turkey on 9th and 10th February ,2015. It was the First Finance Ministers’ Meeting under the Turkish Presidency. During his interventions in different Sessions, Shri Jayant Sinha, MoS… – Continue reading
CBDT to make provisions for MAT and reduce tax liability on Reits Jayshree P Upadhyay | New Delhi January 9, 2015 Last Updated at 00:50 IST Real estate investment trusts (Reits), notified last year, have so far found few takers due to taxation-related issues. To address this, the Central Board… – Continue reading
India enacted transfer pricing rules in 2001, which require companies to conclude international transactions with associated enterprises at an arm’s length. The legislation is primarily targeted at large business groups who engage in base erosion and profit shifting to avoid paying corporate income tax in India. This article is the… – Continue reading
More than 100 countries including India, China and Russia have already entered into agreements with the US on the Foreign Account Tax Compliance Act (FATCA) and with new FATCA requirements coming into effect on 1st of January 2015 applying to U.S. and non-U.S insurers and insurance brokers, large portions of… – Continue reading
Data as of a week before deadline The total number of Indian financial institutions who have signed up with the American tax authorities under the Foreign Account Tax Compliance Act (FATCA) was less than 500 as per data from less than a fortnight ago. There were a total of 442… – Continue reading
Due to its geographical proximity to the mainland, modern and (until now) friendly banking system and transparent legal regime, Hong Kong has long served as a popular gateway into China for foreign businesses. Americans in particular have favored the former British colony, which retains its widespread use of the English… – Continue reading
Many registered firms are subsidiaries of the same organisation, so actual number could be much lower than latest available figure of 442 Sachin P Mampatta | Mumbai January 6, 2015 Last Updated at 22:47 IST The picture regarding the number and proportion of Indian financial institutions which had registered with… – Continue reading
New Delhi: As a probe continues into misuse of stock markets for routing black money and tax evasion, the regulatory and other agencies suspect that GDR route is being used for bringing back suspected illicit funds stashed abroad. The modus-operandi, in cases currently under scanner, involves an intricate web of… – Continue reading
Will a person working both in India and outside for a certain time be taxed in both the countries or is there any tax regulation present. Indians have become accustomed to taking up jobs outside India as an offshore assignment or project. That means spending some part of the year… – Continue reading
MUMBAI – At least 1,000 individuals and companies have come under Securities and Exchange Board of India’s (Sebi) scanner for allegedly using stock markets to evade taxes and launder money through companies mostly existing on paper. Sebi is focussing on securities market related violations by these individuals and companies, who… – Continue reading
India is considering removing Cyprus from the blacklist of countries that do not share details about tax evaders after examining information given the island nation, reports from New Delhi have suggested. India had blacklisted Cyprus in 2013 for not sharing information about tax evaders. “They (Cyprus) have given some information…. – Continue reading
NEW DELHI, JANUARY 2: The dispute resolution mechanism for matters relating to international tax and transfer pricing has been streamlined. The Finance Ministry has put in place a new framework that seeks to bring much-needed rigour and neutrality to dispute resolution on international tax issues. The move should encourage multinationals… – Continue reading
A number of financial institutions rushed to meet a registration deadline after a late-night regulatory circular on Tuesday urged them to sign up with American tax authorities. The circular had advised registration by Thursday. The institutions have to do so under America’s Foreign Account Tax Compliance Act (Fatca). It requires… – Continue reading
A number of financial institutions rushed to meet a registration deadline after a late-night regulatory circular on Tuesday urged them to sign-up with American tax authorities. The circular came out on 30th December, and asked institutions to register by 1st January. The institutions have to sign up under the Foreign… – Continue reading
NEW DELHI: The government needs to assure against any “witch-hunt” to make the compliance window under the new black money law a success and it’s a “pity” that the people do not believe its credibility, HSBC’s India head Naina Lal Kidwai has said. Stating that the persons taking advantage of… – Continue reading
[HONG KONG] Asia could set another record for international bond issues in 2015 if Chinese companies continue to borrow offshore at the same voracious pace they did this year, while bankers expect a heavy redemption schedule and larger pipelines from India and Indonesia to lift activity. Barclays is forecasting volumes… – Continue reading
The Indian Constitution has empowered only the Central Government to levy and collect taxes. Every person whose total income exceeds the maximum exemption limit shall be chargeable to the income tax at the rate or rates prescribed in Income Tax Act. Such income tax shall be paid on the total… – Continue reading
A withholding tax is a tax that is kept back from an employee’s salary and subsequently paid directly to the government. Withholding taxes are commonly employed by countries throughout the world to help combat tax evasion. Countries in Asia typically divide withholding tax into dividends, interest and royalties payments, with… – Continue reading
The transfer pricing department is yet to make adjustments on share issuances by Vodafone India services to Vodafone Teleservices Mauritius for assessment year 2011 and 2012. The transfer pricing department has sought clarity from the government on legal recourse in the Vodafone transfer pricing case. Sources have indicated that the… – Continue reading
NEW DELHI: All Indian financial institutions with exposure to the US will have to register by tomorrow with the American tax authorities to avoid a hefty penalty tax of up to 30 per cent under the new Foreign Accounts Tax Compliance Act (FATCA). While it has extended the deadline for… – Continue reading
NEW DELHI: While India is yet to sign a final pact with the US for the Foreign Accounts Tax Compliance Act (FATCA), close to 1,000 Indian financial institutions and their overseas units are believed to have already registered with the US tax authorities under this new regime. The tricky situation… – Continue reading
Currently, there is a tendency among those who take an interest in international tax developments to look to the future and try to guess how the international tax landscape will look in, say, three of four years, once countries begin to implement the OECD’s base erosion and profit shifting (BEPS)… – Continue reading
Regulator concerned over lack of reciprocity from US in Fatca norms Signing of an inter-government agreement (IGA) between India and the US on the Foreign Account Tax Compliance Act (Fatca) might not be smooth, despite New Delhi getting a one-month extension for this, as the Securities and Exchange Board of… – Continue reading
NEW DELHI: India and some other countries have got one more month from the US to sign the Foreign Account Tax Compliance Act (FATCA), an agreement which seeks to facilitate flow of financial information. “US has given a month’s extension to India and some other counties to sign FATCA,” Revenue… – Continue reading
NEW DELHI, DEC 25: India will look at removing Cyprus from the blacklist of countries that do not share details about tax evaders after examining information given the island nation. India had blacklisted Cyprus last year for not sharing information about tax evaders. “They (Cyprus) have given some information. We are… – Continue reading
Jakarta. A leading business lobby with strong ties to the administration of President Joko Widodo has called for a tax amnesty, in which the authorities will waive off past taxes and penalties to conglomerates and individuals parking billions of dollars worth of funds overseas, in a bid to reinvest that… – Continue reading
NEW DELHI: The finance ministry is planning to rush through a Cabinet note seeking permission to sign an accord with the US on exchanging investment information before a December 31 deadline, ahead of President Barack Obama’s visit to Delhi at the end of January. The government has got the goahead… – Continue reading
Mumbai: In its biggest ever crackdown for suspected tax evasion and laundering of black money through stock trading platforms, Sebi Friday barred 260 entities, including individuals and companies, from the securities markets. While Sebi would further probe these cases, it has also decided to refer the matter to the Income… – Continue reading
The CBDT has signed its first bilateral advance pricing agreement or APA with Japan. The APA regime was introduced in 2012 and it allows taxpayers and tax authorities to determine in advance, an appropriate transfer pricing methodology for a given set of transactions. Payaswini Upadhyay has the exclusive details. The… – Continue reading
Two case studies on how one can use the exemption method or the credit route Homi Mistry December 20, 2014 Last Updated at 22:06 IST Imagine this. You are an Indian working for one of the IT majors and have been recently transferred to the UK. Six months into the… – Continue reading
NEW YORK – There was a time when Indians would relocate to America for the so-called American Dream. Well all that is about to stop now, since, NRI’s are being cautioned to be aware of their decisions as the nightmare of tax is about to plague their lives. We all… – Continue reading
TAIPEI, Taiwan — Taiwan and South Korea are now more prepared to sign economic agreements, such as investment insurance and double taxation prevention pacts, South Korea’s representative to Taiwan Cho Baek-sang said yesterday. Cho made the comment at the first Taiwan-South Korea humanities exchange conference, held by the de facto… – Continue reading
This is going to be the plum job for any international tax practitioner: Competent Authority for the Republic of Ireland. It seems pretty clear that the Base Erosion and Profit Shifting (BEPS) project will meet its announced deadline of the end of 2015 to produce final reports on all of… – Continue reading
India will start charging income tax on digital economy firms, such as Facebook, Twitter and Uber, soon after the OECD finalises a framework by April 2015 to tackle the widespread corporate practice of shifting of profits to low-tax countries, government officials said on Wednesday. Tax may be levied on overseas… – Continue reading
The move will be a major reprieve for Indian financial institutions dealing with US taxpayers New Delhi: India should be able to sign the Foreign Account Tax Compliance Act (Fatca) with the US by 31 December, said a senior government official. The move will be a major reprieve for Indian… – Continue reading
The move will be a major reprieve for Indian financial institutions dealing with US taxpayers New Delhi: India should be able to sign the Foreign Account Tax Compliance Act (Fatca) with the US by 31 December, said a senior government official. The move will be a major reprieve for Indian… – Continue reading
NEW DELHI: India is proposing to set up a dedicated dispute-resolution unit for expeditious disposal of transfer pricing cases that have in the past few years evoked strong reaction from domestic and international investors, with some dubbing this ‘tax terrorism’. Through this measure, the new government hopes to send out… – Continue reading
With an agenda to boost the manufacturing sector, the Prime Minister has appealed to companies around the world to “come and make in India.” Various reforms are being looked at by the government in order to make this vision come true—reforms in labour laws, special economic zone policy, trade policy,… – Continue reading
MUMBAI: Indian corporate bonds are finding a ready market overseas with demand fuelled by expectations that the Narendra Modi government has a strong enough mandate to push ahead with economic reforms that will lead to a revival in growth. Companies had to sweeten offerings with high interest rates to woo… – Continue reading
