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India Drafts Safe Harbor Policy to Reduce Transfer Pricing Disputes
India’s Ministry of Finance has released a draft proposal with new rules governing the safe harbor policy for transfer pricing calculations, aiming to simplify and codify the country’s transfer pricing scheme
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Court Ruling Says Payment in Kind Also Subject to Tax
Aug. 4 – A recent Supreme Court decision has ruled that payment made in kind will also be subject to taxes in India. This was based on an appeal made in court by local company Kanchanganga Sea Foods regarding its payment in kind to Hong Kong-based company Eastwide Shipping for lending the use of vessels […]
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Insurance Sector May Increase Cap on FDI
Jun. 23 – India is considering lifting its foreign direct investment cap on the insurance sector from 26 percent to 49 percent according to Finance Minister Pranab Mukherjee. “We have committed to allow 49 percent and the necessary legislation is pending before the House, as the leg process will be completed it will be done…in […]
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Suzuki to Invest US$215 Million on New Factory in Haryana
Sept. 7 – Japanese automaker, Suzuki Motors, has announced plans to invest US$215 million for a new car factory in India by 2011 with a yearly capacity of 250,000 cars. Suzuki wants to maintain its 50 percent market share in the face of rising competition from other automakers reports Reuters. The new Suzuki plant will […]
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Bank Employees Begin Strike Today
Aug. 6 – Employees of India’s private, overseas and state banks numbering more than 900,000 will begin their two-day strike today. An estimated 26 state-run banks, 10 private banks and eight foreign banks will be affected when its workers join the strike organized by the United Forum of Bank Unions (UFBU). “We seek expedition of […]