The Central Board of Direct Taxes in India issued Circular Number 41 on December 21, 2016 providing clarifications on applicability of ‘indirect transfer’ provisions under the Indian Income Tax Act, 1961 to investors of Foreign Portfolio Investors (FPIs) – earlier known as Foreign Institutional Investors (FIIs) in India. The circular… – Continue reading
Retrospective amendments to domestic laws cannot override international treaties In a judgment that will have a far-reaching impact on double taxation issues, the Delhi High Court has held that Parliament cannot change the terms of an international treaty by bringing in amendments in the domestic law, and any such executive… – Continue reading
Australian punters will be thrilled to know that when they do their shirts gambling their post-tax dollars, those very same dollars, which become the pre-tax dollars of the British online betting giants, are funnelled off to places like Gibraltar, pre-tax. University of NSW accounting academic, Jeff Knapp, and Fairfax Media… – Continue reading
The government on Tuesday set up a 10-member committee, chaired by former Delhi High Court judge R V Easwar, to identify provisions in the Income Tax Act that “lead to litigation and impact the ease of doing business” for resolution early next year in the Finance Bill, 2016. The government… – Continue reading
The bench comprising justices Anil R. Dave and A.K. Goel said the case would be heard fully New Delhi: The Supreme Court on Tuesday admitted the income tax department’s appeal against a 2013 Andhra Pradesh high court ruling that said that France-based Sanofi SA was not required to pay tax… – Continue reading
What is the difference between 30 per cent of zero and 20 per cent of zero? Correct: precisely $5227.27 less than a Bronwyn-Bishop-taxpayer-funded helicopter trip from Melbourne to Geelong. A reduction in the corporate tax rate, as unrelentingly espoused by the business lobby in its pro-GST campaign, may be a… – Continue reading
None of the pharmaceutical companies that are accused of profit shifting have been taken to court, the Australian Taxation Office has said in written responses to the Senate inquiry into corporate tax avoidance. Earlier in July executives from the largest global pharmaceutical companies operating in Australia were hauled before the… – Continue reading
