Mondaq Asia Pacific: Tax
Cooper Grace Ward
Recent decisions highlight the rules for taxpayers challenging assessments issued after finding 'fraud' or 'evasion'.
RSM Tax Advisory
On 16 January 2017, the MOF and SAT jointly released the Draft Law of the People's Republic of China on Cultivated Land Occupation Tax for public consultation.
RSM Tax Advisory
On 10 January 2017, the Ministry of Finance ("MOF") issued a Circular to extend the duty-free shopping policies to visitors departing from Hainan Island by train.
RSM Tax Advisory
On 12 January 2017, Mr. Wang Jun, the Director of State Administration of Taxation ("SAT") announced that the annual tax revenue of China for 2016 is RMB11.5878 trillions, an increase of 4.8% over 2015.
RSM Tax Advisory
On 16 January 2017, the Secretary for Financial Services and the Treasury, Professor K C Chan, on behalf of the Government of the Hong Kong Special Administrative Region...
SKP Business Consulting LLP
The GST Council concluded their 9th meeting on 16 January 2017, resolving the most contentious issue of ‘dual control' and setting a realistic timeline of 1 July 2017 for rolling out GST in India.
SKP Business Consulting LLP
In a series of Goods and Services Tax (GST) Council meetings, the 7th GST Council meet was conducted on 22-23 December 2016. Amidst the political friction due to demonetisation...
SKP Business Consulting LLP
In a series of Goods and Services Tax (GST) Council meetings, the 8th GST Council meet was conducted on 3-4 January 2017.
Krishnomics Legal
In 2012, the Supreme Court of India in the Vodafone case held that any transfer by a non-resident of shares of a non-resident company which derives its value from the shares or interest situated in India would not attract Indian capital gains tax.
Nishith Desai Associates
In line with the expectations, and as an aftermath to the hugely controversial demonetization exercise, Budget 2017 announced on February 1 has clearly toed the populist line.
SKP Business Consulting LLP
India is considered to be the land of tax litigation.
Trilegal
The Union Budget 2017, touted as the budget of many firsts, aims at long term growth and a fiscally prudent outlook. Rationalization of tax rates and reduction of tax controversies are the key focus points.
Nishith Desai Associates
Indian tax authorities release final guiding principles for the determination of the ‘place of effective management' of a foreign company.
SKP Business Consulting LLP
In the last few years, media reports revealed that the effective tax rates of some leading Multinational Corporations (MNCs) are lower than 1% of their revenues.
SKP Business Consulting LLP
Over the last few years, there has been an increased use of technology by the tax authorities and taxpayers alike.
SKP Business Consulting LLP
In the recent past, there have been significant tax controversies in India which have been closely monitored around the globe by Multi-National Enterprises (MNEs), tax administrators...
SKP Business Consulting LLP
The introduction of Goods and Services Tax (GST) in India has evoked an unprecedented range of emotions such as excitement about the concept...
SKP Business Consulting LLP
On 31 December 2016, Prime Minister Narendra Modi shared a statistic that sparked curiosity amongst many – only 2.4 million people in India report a taxable income of more than INR 1 million.
SKP Business Consulting LLP
India is moving at a rapid pace on the path of economic growth, and its litigation landscape is keeping up.
Nishith Desai Associates
Recently, the Central Board of Direct Taxes ("CBDT") released a circular ("Circular") providing clarifications on implementation of General Anti-Avoidance Rules ("GAAR").
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Singh & Associates
Vide Finance Bill 2016, the Government has introduced presumptive taxation scheme for the persons earning professional income.
Trilegal
The implementation of GST will significantly improve the competitiveness and performance of India's manufacturing sector.
Vaish Associates Advocates
The Finance Minister in his Budget speech last year had mooted the proposal to reduce the rate of corporate tax from 30% to 25% over the next four years, along with corresponding phasing out of exemptions and deductions.
Nishith Desai Associates
The Indian Union Budget for the financial year 2017-18 ("Budget") was announced earlier in the day.
Khaitan & Co
In December 2015, the Central Board of Direct Taxes (CBDT) issued draft guidelines for determination of 'Place of Effective Management' (POEM) of a foreign company (Draft Guidelines) and had invited comments and suggestions from the stakeholders.
Nangia & Co
GST, which is considered as biggest tax reform since 1947 which seeks to replace a slew of taxes and levies in 29 states and aims to simplify and harmonise the indirect tax regime in the country.
Nishith Desai Associates
Huge relief to taxpayers in terms of providing for procedural mechanisms to effectuate foreign tax credit as envisaged under the Income Tax Act and Double Taxation Avoidance Agreements.
Trilegal
Though implementation of a unified GST regime is a huge step towards a much awaited tax reform, the implementation of GST could hike renewable energy costs...
Vaish Associates Advocates
Section 145 of the Income tax Act, 1961, as amended by the Finance Act, 1995, empowered the Central Government to notify the Accounting Standards to be followed for computing income under the head "Profits and Gains of Business or Profession" and "Income from Other Sources".
Pointon Partners
The most contentious change is that the transfer of assets must be part of a genuine restructure of an ongoing business.
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