Rs. 56,418 cr forgone in SEZ-tax-sops in 9 months
The Dollar Business Bureau According to a written reply by Nirmala Sitharaman, Minister for Commerce and Trade, the government has “foregone” Rs. 56,418 crore in tax collections for special economic zones. The letter addressed to Lok Sabha, points that the amount was foregone in nine months (April-December) of FY 2016-17. These special economic zones contributed exports of Rs. 3.58 lakh crore during the specified period. The letter further mentions that SEZ zones had received duty exemptions worth Rs 52,216 crore between the year 2015-16 and contributed exports worth Rs 4,67,337 crore. While the introduction of SEZ’s was suggested to improve manufacturing index in the country, in recent times the concept has only led to a debate on the unviable tax-sops and operational efficiencies. ...
Cabinet approves agreement between India and Samoa for exchange of information with respect to Taxes
The Dollar Business Bureau The Union Cabinet on Wednesday under the Chairmanship of Narendra Modi has given its approval for an agreement between India and Samoa for exchange of information related to taxes. As per the official statement released by the Cabinet, “the agreement will stimulate the flow of exchange of information between India and Samoa for tax purposes which will help curb tax evasion and tax avoidance. There is no financial implications at present. Only in the event of extraordinary costs exceeding $500, the same will be borne by India. India has similar provisions in other such tax information exchange agreement.” “The agreement enables competent authorities of both the countries to provide assistance through exchange of information that is ...
India signs up to Europe's anti-corruption plan
PTI India has joined a group of nearly 40 nations that have signed a Europe-led clampdown on tax evasion and corruption, committing to automatically exchange information on beneficial ownership, the UK government said. "The following countries have committed to the initiative to automatically exchange information on beneficial ownership. The next stage will be for the development of a global standard for this exchange," said a release Wednesday by the UK s Treasury Department with a list of all those signed up. Besides India, some of the other countries outside Europe on the list include Afghanistan, Nigeria, Mexico and the UAE. The initiative aims to develop a global standard for the automatic exchange of beneficial ownership data between law ...
Foreign Investors need to pay taxes on the money earned: FM
The Dollar Business Bureau India is now a force to be reckoned with and tax incentives are no longer needed to attract FDI into the country. Speaking to the media, the Finance Minister said foreign investors must pay taxes on the money they earn in India. The Government will no longer distribute tax incentive goodies, as India is a strong enough economy. He sounded confident and said there was no serious apprehension of investors shifting their sights to other countries and there will be no depletion in FDI due to the recent developments in the redrawing of the India-Mauritius tax treaty. Mauritius is the biggest foreign tax-source investment countries, that acts as a tax-conduit for foreign investment into India. And investors who channel ...
India may take up setting up of Income Tax Overseas Unit in UAE
Source: PTI The pending issue of setting up Income Tax Overseas Unit (ITOU) at UAE may be taken up during Prime Minister Narendra Modi's visit to the gulf nation on August 16-17. ITOU is expected help track and curb black money and illegal funds stashed abroad and the issue may be taken up during the two-day visit of the Prime Minister, sources said. The unit has not yet opened in UAE as the government there has not given its clearance, whereas other ITOUs are already in operation in USA, France, Holland, UK, Japan in addition to Singapore and Mauritius, sources said. Black money is top of the government agenda and proposed ITOU in Abu Dhabi is expected to help in getting ...
Global info exchange must to curb tax evasion, India tells G-20
The Dollar Business Bureau Stressing on the need to keep a check on tax evasion by multi-national companies (MNCs), India has asked the G20 members to expedite the implementation of a common reporting standard to ensure automatic exchange of information among countries. “There is a need to ensure that the common reporting standards on automatic exchange of information should be implemented on a fully reciprocal global basis and those countries which have not yet committed to the timeline of 2017 or 2018 should do it without any further delay. The problem of black money and illicit flow to offshore jurisdictions and tax havens can be addressed only if this is implemented at a global level,” Union Finance Minister Arun Jaitley ...
