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    India’s Finance Minister Asked to Explain Retrospective Tax Demands

    Oct. 14 – The ambassadors of the United States, European Union, Britain, New Zealand, Australia, Holland and Spain have written to Indian Finance Minister Pranab Mukherjee to explain what they refer to as the “unpredictability” in India’s tax regime and described recent events surrounding Vodafone’s acquisition of Hutchisons’ stake in Hutch-Essar as “unquantifiable risk in[…..]

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    Indian Government Releases Draft Tax Code

    Oct. 13 – The Indian government has released its draft tax code for public consultation and comments, and is set to be passed into law when any applicable changes are made on April q, 2011. Following consultation with academics, professionals and the public, the following areas of the code have been identified by the government[…..]

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    Indian Imports to Attract GST from Next Year

    Oct. 9 – Imports into India will attract goods and services tax (GST) under the new tax regime to be ushered in from next year. The Empowered Committee of State Finance Ministers has endorsed in principle the levy of GST on imports and mandated a Joint Working Group to prepare a report in four weeks[…..]

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    Government to Outsource Audit Work to Private Contractors

    Sept. 25 – The government is considering outsourcing its corporate audit duties to private contractors to improve surveillance of corporate financial statements and check for regulatory compliance for 2009-2010. Due to limited resources, the government is unable to check all the 800,000 registered companies in the country which have submitted balance sheets to the Registrars[…..]

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    ADB Raises India’s Growth Forecast to 6 Percent

    Sept. 22 – The Asian Development Bank (ADB) has changed its growth forecast for India to 6 percent from 5 percent in March on the strength of the country’s stimulus measures and monetary policies. The bank also predicts that India’s economy will expand by seven percent next year. “The government’s strong fiscal stimulus, complementing the[…..]

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    New Tariff Rules Announced for Renewable Energy Industry

    Sept. 18 – India’s Central Electricity Regulatory Commission (CERC) has announced a new tariff regime aimed at encouraging more investment in the renewable energy sector. The new tariff regime will offer 19 percent pre-tax return on investment in new projects for the first 10 years and 23 percent in the subsequent period says The Economic[…..]

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    India Signs Tax Treaties with Belgium, France and Germany

    Sept. 16 – The Indian government has signed social security agreements with Belgium, France and Germany to avoid double tax discrimination and compliance costs for international executives operating in between their home country and India. The agreement provides for exemptions from contributions to be made in the host country in cases involving short term deputation[…..]

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    India to Introduce Plastic Bank Notes

    Sept. 9 – The Reserve Bank of India is set to introduce plastic bank notes in the ten rupee denomination. The plastic bank notes would last longer by 4 years compared to one year for normal currency notes in addition to also being harder to counterfeit. The bank has initially decided to introduce 1 billion[…..]

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