International taxation Current Affairs, GK & 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The Ministry of Finance has withdrawn the import duties on open cell LED panels used in the production of television sets.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 ..
Topics: Economics • Economy • International taxation • Tariff
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 ..
Topics: Commercial policy • Customs duties • Economics • Economy • International taxation • Tariff
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 ..
Topics: Countries • Economy • International taxation • Marshall Islands • Tax • Tax avoidance • Tax information exchange agreement
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 ..
Topics: Base Erosion and Profit Shifting • Economy • Income Tax • International taxation • Multinational corporation • Tax avoidance • World economy
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 ..
Topics: Businesspeople • China • Customs duties • Donald Trump • Industries • International taxation • Tariff • United States
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 ..
Topics: Currency • International taxation • Reserve Bank of India • Rupee • Tax avoidance