Tax transparency: New reporting requirements

The tax world is changing at a rapid pace. Tax planning is being closely scrutinized and monitored, and tax evasion is not tolerated. The use of offshore jurisdictions to minimize tax liability is being frowned upon and the regular exchange of information between jurisdictions is becoming the “new normal.” The US, in 2010, enacted The … More Tax transparency: New reporting requirements

India’s International Financial Services Centre: a bold new beginning

Services constitute more than half of India’s Gross Domestic Product (GDP) today. As China has emerged as the leading global manufacturer, India is striving hard to establish its position as the best and the most cost-effective service provider for the West. Financial Services form a very important part of the service bouquet and indeed the … More India’s International Financial Services Centre: a bold new beginning

MAT on FIIs – leading to clarify the tax uncertainty

The levy of Minimum Alternative Tax (MAT) on Foreign Institutional Investors (FIIs), who are now called Foreign Portfolio Investors (FPIs), has been the subject of considerable interest and debate recently. Much has been debated on whether this is a legacy issue and indeed whether MAT is at all payable by a foreign company, which does … More MAT on FIIs – leading to clarify the tax uncertainty

Insurance Ordinance: much awaited boost to reforms

Citing the urgency of implementing insurance reforms, the ordinance route has been used to disregard the Parliamentary logjam and advance the much-awaited Insurance Laws (Amendment) Bill, 2014 (Bill). The Ordinance has been promulgated by the President of India and hence, carries the same force and effect as prevalent law. The fate of the Ordinance depends … More Insurance Ordinance: much awaited boost to reforms

Differentiated Banks’ Guidelines: Some Key Points

Financial inclusion is one of the priorities of the current Government. It has been recognised that inclusion of a large section of the currently unbanked Indian population into the banking mainstream will not only foster growth but will also bring these individuals into the banking system. This will provide them access to savings instruments and … More Differentiated Banks’ Guidelines: Some Key Points