International taxation: GK, Current Affairs, Questions, Trivia and News

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The Ministry of Finance has withdrawn the import duties on open cell LED panels used in the production of television sets.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 ..

Usha Thorat head of RBI task force on offshore rupee markets

The Reserve Bank of India (RBI) has recently constituted an 8-member task force headed by its former deputy governor Usha Thorat to examine issues related to offshore rupee markets and recommend policy measures to ensure the stability of the external value of the domestic currency. The task force will assess the causes behind the development ..

France introduces GAFA Tax on Global Internet, Technology Firm

France has recently introduced a new “GAFA tax” – named after the large internet and technology companies viz. Google, Apple, Facebook and Amazon – to ensure the global giants pay a fair share of taxes on their massive businesses in Europe. The so-called GAFA tax targeting major digital firms comes into force on 1st January ..

Border Haats

Border haats are specially designed marketplaces along the international borders. Currently, four border haats are operational along the India–Bangladesh border.  Border haats have a made a new beginning through Promoting the well-being of the people dwelling in remote areas across the borders of the two countries by establishing traditional systems of marketing the local produce ..