Tax officials from India and Maldives on April 11 signed a tax information exchange agreement (TIEA) and an agreement providing airlines with relief from double taxation, Indian’s Central Board of . . .
India’s Central Board of Direct Taxes (CBDT) has announced that India has resolved 180 double taxation disputes since April 1, 2014. The cases, worth a combined Rs 5000 crore (USD 730 million), were settled . . .
BMR & Associates has announced that Bhavik Timbadia has joined the firm’s transfer pricing team as a partner. Timbadia will work out of the firm’s . . .
The Indian government, in a notice dated December 21, announced that a tax treaty signed by India and the Republic of Macedonia . . .
The BRIC countries of Brazil, Russia, India, and China have agreed to strengthen cooperation in areas such as transfer pricing and automatic exchange of financial account information to jointly crack . . .
Tax officials from 11 developing nations described the most common practices MNEs use to shift profits out of their countries, obstacles that prevent their countries from stopping these practices, and their reactions to the OECD/G-20 base erosion profit shifting (BEPS) project, responding to a UN request for . . .
India’s Supreme Court has ruled that the law establishing India’s National Tax Tribunal (NTT) is unconstitutional, including a section of the law that allowed chartered accountants and corporate secretaries to represent parties before the NTT.
The decision concerns the 2005 NTT Act, which established specialized tribunals . . .
India, Australia, Canada, on June 3 signed the OECD common reporting standard multilateral competent authority agreement, paving the way for automatic exchange of information by the countries’ tax administration, according to press releases issued by the countries’s governments. Costa Rica, Indonesia, and New Zealand . . .
Gireesh Chandra Prasad of the Financial Express, in an August 23 article, has quoted unnamed India Finance Ministry officials as stating that India’s tax authority will permit rollback of advance pricing agreements (APAs) to prior tax years only with adjustments for inflation. See, Financial Express
India’s Lok Sabha on March 30 passed through a voice vote Finance Bill 2015, which contains the government’s tax proposals. The bill was passed after Finance Minister Arun Jaitley offered several amendments, including one that provides that foreign firms will be exempt . . .
India’s Bombay High Court on October 10 ruled in favor of Vodafone in a transfer pricing dispute, potentially resolving about two dozen other Indian tax disputes involving whether the transfer or issuance of undervalued shares by an Indian company to an overseas related party . . .
Update: For the Bombay High Court decision, see Vodafone
India is attempting to renegotiate tax treaties with Germany, France, Singapore, Italy, and South Korea to add corresponding adjustment provisions so that India can sign bilateral advance pricing agreements (APAs) involving these nations, writes Vrishti Beniwal in an August 26 Business Standard article, quoting unnamed Finance Ministry officials. See, Business Standard
India’s Central Board of Direct Taxes announced September 24 that it will not impose minimum alternative tax (MAT) on companies that do not have have a permanent establishment or . . .
In a paper released November 13, the UK’s HMRC has announced that it will begin tax treaty negotiations with Nepal, Romania, Trinidad, Tobago . . .
The Bombay High Court ruled in favor of an Indian subsidiary of Royal Dutch Shell in a November 18 tax case, striking another blow to the Indian tax department’s theory that the transfer or issuance of undervalued shares by an Indian company to an overseas related party should trigger a transfer pricing assessment . . .
UPDATE (11/27/2014): The Bombay High Court’s decision in Shell is now available: see, Shell India Markets Pvt. Ltd. vs. Union of India and ors
India is negotiating about 50 bilateral advance pricing agreements (APAs) with other . . .
Five foreign funds located in the US and UK have filed a writ peition in Bombay High Court challenging India’s demand for minimum alternative tax (MAT) on profits earned before April 1 from . . .
The Indian government on January 29 explicitly instructed tax officials to apply the rational behind the Bombay High Court’s decision in Vodafone to all cases. Tax officials must follow the principle “that the premium on share issue was on account of a capital account . . .
India’s budget, released February 28, introduces several tax changes of interest to business, including a deferral of planned general antiavoidance rules (GAAR), clarification of rules on indirect transfers of Indian assets, and the introduction of proposals to cut the corporate tax rate and widen the corporate tax base. In a . . .
The US and India have signed a Model 1 intergovernmental agreement (IGA) the Indian goverment announced . . .
India’s Central Board of Direct Taxes (CBDT) on May 11 instructed field officers to stop issuing new tax assessments against foreign companies, particularly foreign financial institutions, for minimum alternate tax (MAT), except in cases where the statue of limitations is about to expire. The government also . . .
UPDATE (5/21/2015): India establishes committee to consider imposition of MAT on FFIs prior to April 1. The Indian government on May 20 tasked a committee headed by Justice A.P. Shah, former Chief Justice of Delhi High Court and current Chairman of the Law Commission of India to look . . .
The Indian government, on June 11, released additional guidance on the availability of roll back for advance pricing agreements. The guidance, in a question and answer format, clarifies . . .
The Indian government on May 20 tasked a committee headed by Justice A.P. Shah, former Chief Justice of Delhi High Court and current Chairman of the Law Commission of India to look into the issue of whether the government should impose minimum alternate tax (MAT) on foreign financial institutions prior to April 1. See, release.
The India government, in a notice dated December 1, announced that a tax treaty with Thailand . . .
India’s income tax department has released a detailed guide for financial institutions to assist with the implementation of FATCA and the common reporting standard for the automatic exchange of information. The 30-page guide, issued August 31, covers the types of institutions that must report, the types . . .
Delhi High Court in a March 16 decision said it disagreed with the Indian tax department’s method of analyzing the transfer pricing aspects of payments made by Indian subsidiaries for advertisement, marketing, and sale promotion (AMP). The Court also concluded. . .
The India expects to sign an agreement with the US on Sunday that sets out a framework to resolve mutual agreement procedure disputes concerning the appropriate markup to apply to related-party transactions, and hopes to sign similar agreements with the UK, France, and other European nations, writes Jayshree P. Upadhyay of Business Standard in a January 24 article, quoting an unnamed tax official. See, Business Standard.
The Delhi High Court, in DIT v. Copal Research Mauritius Limited, et al., has concluded that gain arising from a sale between nonresidents of shares in an overseas company is not taxable in India unless the company derives at least 50 percent of its value from assets situated in India. Absent meeting . . .
Corporate lawyer, Shri Arun Jaitley, took over as India’s new Finance Minister on on May 27, stating that his priorities are to “tackle inflation, boost economic growth, and follow the path of fiscal consolidation.” India’s new Minister of laws, telecom, and IT, Ravi Shankar Prasad, also . . .
India’s Finance Minister presented the Interim Budget for 2014-15 to Parliament on February 17. For analysis, see EY
The Indian Government on August 7 notified rules enabling information reporting under FATCA and the common reporting . . .
India’s Central Board of Direct Taxes on October 8 announced in Circular 14/2014 that a new software or IT service unit established by a taxpayer in the special economic zone will qualify for the section 10A/10AA profit-linked deduction as long no more than 50 percent the new unit’s manpower was transferred from the taxpayer’s existing business. The previous threshold was 20 percent. See, India Income Tax Department.
India’s Finance Ministry has released long-awaited regulations permitting rollback of an advance pricing agreement’s (APA) method of determining arm’s length prices to earlier tax years, though quick action is required to take advantage of the rules for existing applications and agreements. The provisions. . .
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