Tax avoidance Current Affairs, GK & News
Cabinet Approves amendment of Double Taxation Avoidance Agreement with Sri Lanka
On February 12, 2020 the Union Cabinet approved the protocol to amend the DTAA (Double Taxation Avoidance Agreement) that was signed between India and Sri Lanka. The DTAA with respect to prevention of fiscal evasion is to be amended. Highlights Under the amendment, an anti-abuse provision is to be included. Also, the amendment will include ..
Month: Current Affairs - February, 2020
Category: International Current Affairs
Topics: cabinet approval • Dtaa • India-Sri Lanka • Mahinda Rajapaksa • PM Modi • Tax avoidance • Union Cabinet Decisions
Usha Thorat heads RBI task force on Offshore Rupee Markets
The RBI task force on Offshore Rupee Markets (ORM), headed by Usha Thorat, has suggested liberal currency market for offshore users. The panel recommended that onshore market hours may be suitably extended to match the flexibility provided by the offshore markets (or NDF markets). This is aimed at incentivizing non-residents to hedge in the onshore ..
Topics: Corporate tax avoidance • Currency • Currency symbols • Economy • Finance • Foreign exchange market • Indian rupee • International Financial Services Centre • Market risk • Rupee • Special economic zones • Tax avoidance
India ratifies OECD’s convention to check Tax Evasion
India has ratified Multilateral Convention to Implement Tax Treaty Related Measures (MLI) to prevent Base Erosion and Profit Shifting (BEPS). It will pave way for amendments to double taxation avoidance agreements (DTAA) with countries signatories to convention to plug revenue leakages. The provisions enshrined in framework will come into effect from fiscal year 2020-21 for ..
Month: Current Affairs - July, 2019
Category: Economy & Banking Current Affairs
Topics: Base Erosion and Profit Shifting • BEPS • BEPS project • Covered Tax Agreements • double taxation avoidance agreements • Dtaa • G20 • India-OECD • Multilateral Convention to Implement Tax Treaty Related Measures • OECD • Tax avoidance
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