Other Briefings
India, Switzerland Agree to Change Tax Pact
Sept. 1 – Switzerland and India have agreed to make changes to their double taxation agreement (DTA). The revisions will allow Indian authorities more access to specific information that will serve to cut down tax evasion. “The revised DTA contains provisions on the exchange of information in accordance with the Organization for Economic Cooperation and […]
Direct Taxes Code Delayed to 2012
Aug. 31 – The Indian government has decided to delay the implementation of the Direct Taxes Code (DTC) from April 1, 2011 to April 1, 2012 as part of efforts to improve preparations for the major change. “The issue that the operation has been put on hold for a year is to allow all three […]
Export Rebates Extended to June 2011
Aug. 30 – India has decided to extend the tax rebate scheme available for exporters from the end of this year until June 30, 2011 while also adding other benefits to boost trade. The new incentives will cost the government an estimated US$214 million with tax rebates to cover textiles, leather and jute exporters. Exporters […]
Special Economic Zone Incentives to Continue Until 2014
Aug. 30 – Special economic zone incentives will be exempted from the new direct tax code (DTC) until 2014 although there is a proposed 20 percent minimum alternative tax based on a version approved by the Cabinet last Thursday. Despite the assurance, investors are still nervous about the changes and developers are unsure whether zones […]
Approved Direct Tax Code Bill Cuts Rates
Aug. 27 – India’s Cabinet approved the Direct Taxes Code Bill yesterday, part of the government’s efforts to simplify procedures and cut taxes. The DTC bill proposes decreasing tax rates while also cutting down on tax exemptions. Personal income tax exemption limits will be raised for employees earning up to Rs. 200,000 from the previous […]
India’s Consumer Affairs Ministry Recommends 49 Percent FDI in Multi-Retail
Aug. 27 – India’s Consumer Affairs Ministry is recommending that 49 percent foreign direct investment be allowed in the multi-retail industry with an emphasis on developing back-end operations. The ministry said that more foreign investment should be allowed on the condition that a model law be in place to help shield small businesses. Moreover, the […]
Cotton Exports Without License Allowed Starting October
Aug. 26 – The Indian government has decided to allow the export of cotton even without licenses beginning October 1 following a notification issued by the Directorate General of Foreign Trade. “Export duty on cotton has been removed and export will be allowed under the Open General License from October 1 onwards,” said Commerce Secretary […]
Sebi Issues New Rules for Stock Market Investors
Aug. 23 – The Security and Exchange Board of India (Sebi) has issued new rules to prevent money laundering in the stock market. Brokers will now require investors to provide documents detailing sources of income including tax returns, salary slips and bank account statements annually.
