Australian Treasurer Scott Morrison says overseas companies selling digital products to Australians will not be able to avoid paying the GST. The so-called Netflix Tax that would see overseas-based businesses selling digital products to Australians collect 10 percent GST has entered the House of Representatives. Introduced by Treasurer Scott Morrison,… – Continue reading
Tax disputes are to no longer form a part of a Bilateral Investment Treaty (BIT) signed by the government with another country, the Union Cabinet decided on Wednesday, clearing a revised model text The idea is that foreign companies finding themselves in a tax row with the government will not… – Continue reading
If statistics are anything to go by, today India is the world’s fastest growing economy at 7.3% in 2015, outstripping the global average of 3.1%. With a new government in the centre, we do seem to be riding high on the growth trajectory. The Modi government has certainly done its… – Continue reading
Firm wants the new demand included in ongoing talks between India and Finland to resolve Rs 2,000-cr tax dispute Income Tax Department has slapped fresh tax notice on Nokia India, tax authorities said today. The Finnish telecom firm, however, wants the fresh demand to be included in the ongoing negotiations… – Continue reading
The court overruled the order of Income Tax Appellate Tribunal issued last year suggesting that the income tax dept has jurisdiction in this dispute Mumbai: The Bombay high court on Thursday ruled in favour of the Indian arm of Vodafone Group Plc. in a Rs.8,500 crore transfer pricing tax dispute…. – Continue reading
New Delhi, Sept. 20: A bilateral investment treaty between India and the US is unlikely to be finalised before Prime Minister Narendra Modi’s visit to America later this week. Both Modi and US President Barack Obama have been pushing their respective bureaucracies to prepare the pact. Modi will be in… – 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
Finland’s print media carries a mixed bag of headlines this Thursday, from former business bosses moving to tax-soft Portugal to studio apartment rents rising fast outside Helsinki. Neutral zone Åland is also under scrutiny, and the boat industry, at least, is doing well. Top tabloid Iltalehti splashes its front page… – 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
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
NEW DELHI: Telecom equipment maker Nokia extended an olive branch to the Indian government, saying it wants to resolve an ongoing tax dispute amicably and that arbitration is not a priority. The Finnish firm also underlined India’s potential as a manufacturing hub, saying the dispute aside, it has had a… – Continue reading
New Delhi: The Income Tax department on Friday told the Delhi High Court that the amount offered by an “arm’s length buyer” for Nokia India’s Chennai mobile making plant, frozen over an alleged Rs 10,000 crore tax dispute, is “very little”. The submission was made by the IT department before… – Continue reading
The key is to arrive at a Goldilocks mean — rolling out tax-friendly policies while being firm with incorrigible offenders A phrase first used by Prime Minister Narendra Modi while addressing a group of businessmen in the run-up to the elections last year has now come back to haunt his… – Continue reading
HELSINKI–(BUSINESS WIRE)–Regulatory News: Nokian Tyres plc (HEX:NRE1V) Stock Exchange Release 7 April 2015 3:15 p.m. Board of Adjustment annulled the reassessment decision against Nokian Tyres plc concerning tax years 2007-2010 The Board of Adjustment annulled the reassessment decision from the Tax Administration, according to which the Company was obliged to… – Continue reading
KARACHI: The Pakistan Customs adjudication has forwarded the Q-Mobile tax evasion case to the Model Customs Collectorate (MCC) Preventive, Karachi for seeking legal and technical reference from the Federal Board of Revenue (FBR). The adjudication department, during the hearing, has completely redundant the view point of MCC-Multan, because as per… – Continue reading
The Ministry of Planning and Investment has asked Nokia Vietnam to submit a report on how it has fulfilled its investment commitments so that local authorities can consider whether the firm is eligible to receive tax policy incentives. Nokia Vietnam Co. Ltd., now known as Microsoft Mobile Vietnam Co. Ltd.,… – Continue reading
The abolition of unfair taxes was one of the foundational principles of Magna Carta, a document that King John assented to on June 15, 1215 at Runnymede, England. Taxation must be fair, and requires the consent of the people. There is no more unfair aspect of fiscal law than retroactive… – Continue reading
In the first of this two part article, we outlined what businesses must do to comply with India’s transfer pricing laws, while stressing the key reforms introduced by the new government to bring certainty to the domestic tax system. Here, we discuss if and how India should respond to the… – Continue reading
Legal disputes, lack of an ecosystem for smartphones and personnel availability are challenges As speculation swirls that Micromax, HTC and Chinese mobile handset manufacturer Xiaomi are eyeing the idle Nokia plant at Sriperumbudur near Chennai, experts say buyers will have to negotiate legal disputes, the lack of a smartphone supply… – Continue reading
It is all about transfer pricing issue which is not unique to India. Still, the judgment of the Bombay High Court of October 10, 2014, in the case of Vodafone India Services vs Union of India, has drawn a lot more attention than it would otherwise have. The main reason… – Continue reading
Oslo : Allaying investors fear, President Pranab Mukherjee today said that the Bombay High Court verdict in the Vodafone taxation case, if it prevails, will help Finnish phone manufacturer Nokia as also 26 others. In his interview to Finnish media ahead of his departure to Helsinki, Mukherjee here said the… – Continue reading
Chennai: Issues relating to Nokia erupted during the UPA regime at the Centre and the company disputes escalated when the DMK was in power, said industries minister P. Thangamani. He was responding to the DMK president M. Karunanidhi’s statement about the Nokia debacle. The minister said it was the Congress-led… – Continue reading
The Hackett Group predicted in a 2012 report that this year would be the start of an eight-year death of offshoring to India Yahoo! just made about $9 billion in cash from Alibaba Group’s initial public offering, and investors are licking their lips at the thought of how Marissa Mayer… – Continue reading
Yahoo! just made about $9 billion in cash from Alibaba Group’s initial public offering, and investors are licking their lips at the thought of how Marissa Mayer might spend it. Snapchat? AOL? Well, here’s one area you shouldn’t expect her to invest in: offshoring more jobs to India. The company… – Continue reading
BANGALORE, India — One of the world’s biggest cellular phone manufacturing plants, located in the southern India city of Chennai, will stop production of mobile phones and down shutters after Nov. 1. Microsoft, its lone customer, has terminated a subcontract agreement. “Microsoft has informed Nokia that it will be terminating… – Continue reading
NEW DELHI, MAY 14: With tax authorities pressing with over Rs 21,000 crore in unpaid dues, Finnish telecom major Nokia has invoked the Bilateral Investment Promotion and Protection Agreement (BIPA) India has with Finland to resolve the dispute. Nokia late last month wrote to Prime Minister invoking dispute settlement clause… – Continue reading
The department had slapped a tax demand of Rs 2,080 crore on the company last year while re-opening the assessment for AY 2006-07 and 2007-08. As Finnish phone-maker Nokia strives to meet the April 30 deadline for sealing the $7.2 billion deal with Microsoft, its tussle with the Indian tax… – Continue reading
NEW DELHI: Seeking to reduce litigations and promote foreign investments, the Income Tax department has signed Advance Pricing Agreements with 5 multinational firms and plans to enter into more such pacts. “We have signed 5 APAs so far. We will be signing more in the coming days. Foreign companies are eager to… – Continue reading
KOLKATA, MARCH 11: Aapo Polho, Ambassador of Finland to India, has said that taxation issues have diminished India’s attractiveness to global investors, including Finnish companies. Referring to mobile handset-maker Nokia’s conflict with the Indian Government over double taxation, he said, “The company (Nokia) played by the book”. “Over the past… – Continue reading
New Delhi: With India stepping up its pursuit of alleged black money in Swiss banks, Switzerland says it is exchanging information with Indian authorities on all lawful requests, but cannot help on enquiries based on stolen banking data. The European country, which has often been accused of being the most… – Continue reading
