Living in a digitalised economy, it is no surprise that digital tax remains as one of the most debated topics in the business world. Here's more to it on what concerns Nigeria. ... - Continue reading
MOre on the Economic Substance Regulations ("ESRs"). ... - Continue reading
Now existing in a digital-led world, economies of the world have been seriously contemplating on better methods to tackle digital tax. Nigeria is no exception to the rule. ... - Continue reading
Bitange Ndemo, a former principal secretary in the ministry of ICT warns against the taxation of non-domiciled digital companies and advises the government to review its decision. ... - Continue reading
Key tax changes to the country’s tax law primarily inspired by the OECD’s base erosion and profit shifting (BEPS) project ... - Continue reading
The Income-Tax Appellate Tribunal (ITAT) has said NRIs do not need to reveal details of their foreign bank accounts and assets to Indian authorities. The tribunal has also ruled that the onus is on the I-T Department to prove an assessee has parked undeclared income arising from India in foreign… – Continue reading
In general, investment and tax provisions relating to non-resident Indians (NRIs) returning to live in India are fairly generous. However, NRIs must carefully plan their return to India to ensure there are no surprises with respect to managing their overseas income and investments. In this article, we examine some of… – Continue reading
China’s double tax avoidance agreements (DTAs) can be used to avail lower tax rates while making outbound payments. However, DTA benefits are not automatically applicable to everyone. Foreign invested enterprises and their overseas headquarters must satisfy certain qualifications and go through relevant procedures to obtain the benefits. Beneficial owner assessment… – Continue reading
Issue of multiple registration for foreign operators to be reviewed by panel NEW DELHI, SEPTEMBER 20 The Finance Ministry on Thursday notified that e-commerce operators shall collect an amount at the rate of one per cent as tax collected at source (TCS) under the Goods and Services Tax (GST) on… – Continue reading
The Finance Ministry, last day informed that the Government is planning to introduce income tax exemption to the interest income on the specified Offshore Rupee Denominated Bonds. “Legislative amendments in this regard shall be proposed in due course”, the Ministry said. Interest payable by an Indian company or a business… – Continue reading
Russian President Vladimir Putin signed a package of laws allowing Russia-controlled foreign offshore companies to be re-registered in offshore financial centers (OFCs) established in Russia’s Kaliningrad Region and Primorsky Territory in order to minimize the possible consequences of sanctions and political risks from foreign countries. The legislation establishes the procedure… – Continue reading
Some advantage could be there under Double-Tax Avoidance Agreement: experts MUMBAI, MAY 8 The $15-billion buyout of e-commerce player Flipkart by US retail giant Walmart is likely to attract capital gains tax under Indian laws, similar to the tax imposed on Vodafone, even though the entities are headquartered abroad. Some… – Continue reading
Nonresident Alien NRA tax withholding is applicable to U.S sourced income paid to foreign person and does not apply to payments made to U.S. persons. Foreign persons include nonresident alien individual, foreign partnerships, foreign corporations, foreign estates, and foreign trusts. The tax generally must be withheld from the payment made… – Continue reading
THE scope of the withholding tax — a tax imposed on non-residents for services rendered to Malaysia-based companies — has been widened. It is one of the major tax changes that came into effect on Jan 17 under the Finance Act 2017. Under the changes, non-residents must pay withholding tax… – Continue reading
New guidelines aim to check tax evasion, ensure foreign firms are not taxed on their global income. New Delhi: The income-tax (I-T) department on Tuesday issued the final guidelines for place of effective management (PoEM) rules that seek to determine the residency status of a firm for calculating its tax liability. The… – Continue reading
China’s State Administration of Taxation (SAT) issued the Announcement on the Administration of Related-party Transactions and Contemporaneous Documentation (SAT Announcement [2016] No. 42), which introduces a three-tiered documentation framework that will replace its current transfer pricing documentation rules. The June 29 announcement followed the publication of the opinion-seeking draft by… – Continue reading
Budget 2016 introduced a new tax called Equalisation Levy (“EL”), aimed at taxing online transactions. EL was originally mooted by the OECD in Base Erosion and Profit Shifting (BEPS) Project Final Report on Action 1 – Addressing the Tax Challenges of the Digital Economy (the “Report”). We will examine Equalisation… – Continue reading
In an effort to facilitate non-resident enterprises in applying for tax benefits, China’s tax bureau recently released the SAT Announcement [2015] No.60, which replaced the previous “Administrative Measures on Tax Treatment under Double Taxation Agreement to Non-resident Enterprises (Guoshuifa [2009] No.124)” and simplified the application procedures for a non-resident enterprise… – Continue reading
