European Union slams Google with a $2.7 bn antitrust fine
The Dollar Business Bureau Antitrust regulators of the European Union have come down heavily on Google by imposing a whopping $2.7 bn antitrust fine and warning the search engine leader it will take a tough line on two other cases too. The European Union Commission in a press release said, ‘the world's most popular internet search engine has 90 days to stop favouring its own shopping service or face a further penalty of up to 5% of Alphabet's average daily global turnover.’ This is one of the biggest fine that the EU has imposed on a single company after the $1.06bn antitrust fine that was handed to Intel in 2009. The release said that the Commission found during its investigations that the search engine ...
Over 600 disclosed assets up to Rs.3,770 cr stashed abroad
Source : PIB 638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs. 3770 crore under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act). These figures are subject to final reconciliation. The officer designated to receive the declarations worked till midnight on September 30, 2015. The e-filing portal was also open till midnight to receive the declarations. The compliance window closed thereafter. Tax at the rate of 30% and penalty at the rate of 30% is to be paid by December 31, 2015. The compliance window opened on July 1, 2015 and closed on September 30, 2015. The Black Money (Undisclosed Foreign Income and Assets) and ...
Bill to deal with black money abroad gets approval
The Dollar Business Bureau The lower house of the Parliament, Lok Sabha, on Monday, passed the Undisclosed Foreign Income and Assets (UFI&A) (Imposition of Tax) Bill, 2015, which would further deal with the black money stashed overseas. The Bill was passed in Lok Sabha amidst Opposition’s demand to forward the Bill to a Standing Committee. Rejecting the Opposition’s demand, Arun Jaitley, Union Finance Minister, said, “Delay in enacting the legislation would provide the offenders an opportunity to transfer their unaccounted wealth to the unknown destinations.” There would be a short compliance window for the undisclosed income holders which would provide them an opportunity to come clean by paying 30% tax and 30% penalty, informed the Minister speaking at ...
