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International Taxation
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01/09/2010
Swiss DTAA to allow India access to banking info: Pranab
India today said the amended Double Taxation Avoidance Agreement (DTAA) with Switzerland, which was signed yesterday, would allow it to access to banking details of its citizens in that country. "Information, which is foreseeable relevant for carrying out the provisions of this agreement or to the administration or enforcement of the domestic laws concerning taxes, can be exchanged under the DTAA, whereas earlier, information which was relevant only for carrying out the provisions of DTAA could be exchanged,&" Finance Minister Pranab Mukherjee said in a statement in Parliament. Mukherjee said the information received can be used for permitted purposes and need not necessarily be confined to tax purposes only, as was the case earlier.
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31/08/2010
India inks revised tax treaty with Switzerland
India on Monday sealed the revised tax treaty with Switzerland that could give New Delhi crucial access to information on black money stashed away in Swiss bank accounts. Indian tax authorities will now be able to access information on Swiss bank accounts of Indians more easily, but only in specific cases where they have a prima facie evidence of wrongdoing. This will boost the government’s efforts to crack down on black money parked abroad. The new treaty will be notified by India soon but the Swiss authorities will be able to put the agreement into effect only after it is ratified by their parliament.
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23/08/2010
Delhi HC's new-age lakshman rekha
In September 2007, when India was invited to present its views in Kyoto International Fiscal Association (IFA) Congress on ‘Transfer Pricing and intangibles’, I thought it was too early to warrant a debate where India should participate. I was perhaps wrong given the pace of developments. The concept of marketing intangiables has become a debated issue within the International tax fraternity, particularly in the US. While its precise meaning is unclear and nebulous, and may vary in application by jurisdiction and industry, the breadth of its grasp continues to grow as tax administrators globally resort to invoke such provisions. Ordinarily, ‘marketing intangibles’ include a bundle of intellectual property rights such brands, trademarks, knowhow that surrounds knowledge of distribution channels and customer relationship.
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09/08/2010
Arbitration has relevance in international taxation!
Arbitration in international taxation, though a historical subject, has begun to find relevance in the context of international tax disputes. Article 25 of OECD Model Convention does not oblige the treaty states to reach an agreement under a Mutual Agreement Procedure (MAP), an alternate dispute resolution mechanism, but only to use their best efforts to resolve a tax dispute. Treaty countries in certain circumstances do reach a stalemate in their MAP negotiations; limitation of MAP therefore logically paves the way for arbitration as an alternate mechanism for resolving cross-border disputes.
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09/08/2010
MAT not for foreign firms having no permanent office
The purpose behind the introduction of provisions relating to MAT (Minimum Alternate Tax; Section 115JB) was to levy some tax on the “Zero Tax Companies“. The government felt a number of companies with huge profits were avoiding payment of income tax by adjusting their profits against allowances permitted under the Income-tax Act. To circumvent this strategy, MAT was introduced. The MAT is charged on the book profits. It started with 7.5% on book profits, and has increased to 18% on book profits w.e.f. fiscal 2010-11.
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07/08/2010
Reforming international taxation
International taxation has been in the limelight these days due to the emerging concept of ‘global village'. There is, therefore, a need to have basic, uniformly accepted principles the world over. The significant two limbs involved here are transfer pricing aspects and double taxation in cross-border dealings. These disciplines, under the sub-schema of international taxation, are today driven by many components of internal and external guidance, which seek to provide a common platform for laying uniform principles. Here, the Organisation for Economic Co-operation and Development (OECD) has played a pivotal role in providing guidance in international taxation. The OECD Council, on July 22, 2010, approved the 2010 update/versions of the “OECD Model Tax Convention” and the “Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, 1995” (Revised TP Guidelines) which would now serve as the new guiding toolkit in the matters of interpretation relating to international tax aspects.
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26/07/2010
Attributing profits to permanent establishments
Taxation these days has become an innovative and creative sphere intertwining within itself study of various other disciplines. In this context, the pronouncements of the Organisation for Economic Co-operation and Development (OECD) on the international taxation side merits consideration, especially in areas of cross-border trade and commerce. In May, the OECD Committee on Fiscal Affairs released the draft contents of the 2010 update to the OECD Model Tax Convention.
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07/07/2010
US tax crackdown extends to residents with Indian ties
In a crackdown on offshore tax evasion, American authorities have begun a criminal probe into HSBC individual account holders, who may not have disclosed their accounts in India. Indian Finance Ministry officials admitted that authorities in New Delhi [ Images ] "must have passed on the information to their US counterparts as part of bilateral or multilateral agreements". Bloomberg reported on Sunday that the US Justice Department has initiated a criminal investigation of HSBC Holdings' clients who may have failed to disclose their accounts in India or Singapore to the US Internal Revenue Service (IRS).
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05/07/2010
Indians in US, other countries to get tax concession
It is what you may call charity with benefit. Indians, staying in the US, could in next three months avail tax concession on the money they will spend on social welfare projects at their native places in India. Under the 'India Development Foundation for Overseas Indians', an initiative of Ministry of Overseas Indians, they will get tax exemption if they want to build schools, primary health centres and other infrastructure in their villages and places of origin in India. The Ministry has already started the process of registering the foundation in the US and it will be in place in next three months, Overseas Indian Affairs Minister Vayalar Ravi told PTI in an interview.
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05/07/2010
Govt to tighten norms to check misuse of treaty with Mauritius
Domestic companies routing their investments through Mauritius may soon have to pay capital gains tax. The tax authorities are pressing for checking the loopholes in the tax treaty with the island nation. The Central Board of Direct Taxes (CBDT) suspects the government is losing large amount of revenue due to routing of investments by domestic firms through Mauritius.
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