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India and Oman signed the Protocol to amend the India-Oman Double Taxation Avoidance Agreement (DTAA), aligning it with international standards on cross-border taxation, simplifying tax procedures, and promoting greater cooperation in tax matters.
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The Swiss government on December 13 announced the rollback of the beneficial 5 percent dividend tax rate for entities with India income following the Supreme Court's verdict in the MFN case
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Switzerland’s decision to suspend MFN clause in tax pact with India can queer New Delhi’s pitch for global investment
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Indian firms operating in Switzerland will have to pay a 10-percent tax on dividends and other incomes from January 1, 2025, higher than the earlier rate of 5-percent.
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The IT department on April 12 said that the protocol facilitating the amendments in the tax treaty is yet to be ratified and notified under the Income Tax Act, and queries, if any, will be addressed as and when that happens.
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Assessees pay a lower tax, hoping their interpretation of the law is accepted by the court. But when a court ruling goes against their interpretation, they blame the government. This may not be correct, he said.
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The ruling was given while interpreting the MFN clause in the double taxation avoidance treaties with France, Switzerland and the Netherlands.
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Mauritius remains the fifth largest destination of Indian investments globally, mostly because of round-tripping of funds. While stringent tax rules are now reducing the flow, securing clean investments remains a challenge for the COVID-19-hit island country.
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Double-taxation nuances in migration cases need to be evaluated on a timely basis to avoid unintended non-compliances. Facts are evaluated on a case-by-case basis for specific actions.
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FPIs structured as trusts or associations of persons (AOPs) reportedly could pay up to 43 percent tax on dividend from listed companies
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There are some important tax considerations to be cognisant of when you return to India
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DTAA is a bilateral or multilateral agreement between two or more countries to resolve the issues of taxation of income, bring the transparency and to plug the tax evasion.
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Deputy PM of Singapore on Double Taxation Avoidance Agreement (DTAA) amendment says that he wants to maintain the relationship with India and this DTAA is a positive way forward.
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Third bilateral treaty change in 2016 after similar changes in double tax avoidance agreements (DTAA) with Mauritius and Cyprus; Swiss govt to share real time data
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Addressing a press conference, Finance Minister Arun Jaitley said that India has signed the Double Taxation Avoidance Agreement (DTAA) amendments with Singapore.
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It would be interesting to see whether the DTAA's modification will have a provision on capital gains akin to the Mauritius Treaty, whereby any investment made by a foreign institutional investor before March 31 2017, will enjoy full capital gain exemptions, says Abhishek Goenka, Partner At PwC.
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"Both sides have now exchanged notifications intimating the completion of their respective internal procedures for the entry into force of the DTAA, with which the revised DTAA shall come into effect in India in the fiscal years beginning on or after April 1, 2017, the Central Board of Direct Taxes (CBDT) said in a statement.
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An official-level meeting between India and Cyprus was held in June to finalise the new India-Cyprus DTAA wherein all pending issues, including taxation of capital gains, were discussed, and an in-principle agreement was reached on all pending issues.
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The government on Wednesday cleared the revised double taxation avoidance agreement (DTAA) with Cyprus which will allow India to tax capital gains from April 1, 2017, reports CNBC-TV18‘s Sapna Das. Under the terms of the revised India-Cyprus DTAA treaty, investments till March 2017 will be grandfathered.
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The Cabinet is likely to approve tomorrow the revised India Cyprus Double Taxation Avoidance Agreement (DTAA) which provide for source based taxation of capital gains on transfer of shares.
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As per an agreement reached between India and Cyprus on June 29, investments made prior to April 1, 2017, will be grandfathered.
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The recently amended tax treaty with Mauritius surely has given India a clear advantage over tax evaders, but the island nation's coffers will be under stress, finds a Moody's report.
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Although Mauritius will lose a historical advantage, it does not lose a competitive advantage because the other key financial centre for investment in India, Singapore, will also be subject to similar capital gain changes.
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The Supreme Court has agreed to hear the petition. It has also given a notice to the government to give clarity on its position to make such decisions with respect to the DTAA.
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In stock specific action, banks, auto, IT and metals lead the market rally. ICICI Bank, Asian Paints, SBI and TCS were major gainers in the Sensex.
