International taxation: GK, General Studies and Current Affairs

Govt scraps Import Duty on open cell LED TV panel

The Ministry of Finance has withdrawn the import duties on open cell LED panels used in the production of television sets. This is expected to lower the input costs for TV makers who have been complaining about a slump in demand. The Finance Ministry has also scrapped customs on goods for use in the manufacturing ..

Steel Import Monitoring System Launched

The Ministry of Commerce and Industries has launched a steel import monitoring system (SIMS) to provide advance information about steel imports. Steel Import Monitoring System The system has been developed by the Ministry of Commerce and Industries in consultation with the Ministry of Steel on the pattern of US Steel Import Monitoring and Analysis (SIMA) system. Importers ..

India notifies a tax data pact with Marshall Islands

India has notified a Tax Information Exchange Agreement (TIEA) with the Marshall Islands, which enables a bilateral sharing of banking & ownership information and allows officials of one country to undertake tax examinations in the other. The TIEA for exchange of information with respect to taxes was signed on March 18, 2016 at Majuro, the ..

Income Tax department alters method to tax MNCs and Digital Firms in India

The income tax department has changed the method to tax multinational companies and digital firms with permanent establishment in India by taking into account various factors like domestic sales, employee strength, assets and user base. In ‘Profit Attribution to Permanent Establishment in India’s report, the Central Board of Direct Taxes Committee stated that MNCs that ..

China: Trade talk with US improving

China and US have been on trade are for the last one year. This affected many countries globally especially in Asia. The conditions are now improving. The Chinese Government recently said that the talks with the US are improving after 9 rounds of consultations. The two sides of the Foreign ministry are now working together ..