Prime Minister constitutes committee to review taxation of development centres & IT sector

To review taxation of development centres and IT sector a committee has been established by the Prime Minister Dr Manmohan Singh. The Committee will function in consultations with stakeholders and related government departments to finalize the Safe Harbour provisions announced in Budget 2010. It will also recommend the approach to taxation of Development Centres. Earlier, ..

Month: Current Affairs - July, 2012

Topics: Economic globalization • Economies • Gaar • General anti-avoidance rule • In India • Ministry of Finance • Multinational corporation • Tax

Lee Hsien Loong, the Singapore PM finds Indian Business environment complicated

Singapore PM Lee Hsien Loong on his visit to India asserted that Business environment in India is complicated. From the term “Complicated” he was referring to red-tapism. Although he didn’t point to the proposed GAAR or retrospective Income Tax Act amendments, he held that companies investing in India look for predictability of rules. After Mauritius, ..

Month: Current Affairs - July, 2012

Topics: Asia-Pacific Economic Cooperation • Association of Southeast Asian Nations • Continents • Countries • Double taxation • Economy of Singapore • Gaar • General anti-avoidance rule • Mauritius route • Singapore • World

Finance Ministry suggests monetary limit in draft guidelines to invoke GAAR

To attend to investor apprehensions over taxation issues, the Finance Ministry has proposed a monetary limit for invoking the contentious General Anti-Tax Avoidance Rules (GAAR) in its draft guidelines. As per the guidelines, GAAR provisions would be invoked only in cases where FIIs choose to take the advantage of double tax avoidance agreements and the ..

Month: Current Affairs - June, 2012

Topics: Economy • Gaar • General anti-avoidance rule • In India • Shome Panel • Tax • Tax avoidance