BEPS Current Affairs - 2019

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India ratifies OECD’s convention to check Tax Evasion

India has ratified Multilateral Convention to Implement Tax Treaty Related Measures (MLI) to prevent Base Erosion and Profit Shifting (BEPS). It will pave way for amendments to double taxation avoidance agreements (DTAA) with countries signatories to convention to plug revenue leakages. The provisions enshrined in framework will come into effect from fiscal year 2020-21 for Read More…

Month:  Categories: Business, Economy & Banking

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India and China sign protocol to Double Taxation Avoidance Agreement to prevent tax evasion

India and China have signed protocol to amend Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and for prevention of fiscal evasion with respect to taxes on income by allowing exchange of information. Under Section 90 of Income-tax Act, 1961, India can enter into agreement with foreign country or specified territory for Read More…

Month:  Categories: International

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India, Hong Kong sign double tax agreement

India and Hong Kong have signed agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. Hong Kong is former British colony and is special administrative region of China which enjoys a high degree of autonomy under which it has an independent taxation system. It is Read More…

Month:  Categories: Business, Economy & Banking

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Union Cabinet approves Protocol amending DTAA between India, China

The Union Cabinet has approved signing and ratification of protocol amending Double Taxation Avoidance Agreement (DTAA) between India and China. The DTAA aims for avoidance of double taxation  and prevention of fiscal evasion with respect to taxes on income and update the provisions on exchange of information of the DTAA to the latest international standards. Key Read More…

Month:  Categories: International

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Government notifies third Protocol amending India-Singapore DTAA

The Union Finance Ministry has notified hird Protocol amending India-Singapore Double Taxation Avoidance Agreement (DTAA). The agreement came into force in February 2017and was signed in December 2016. The Third Protocol amends the DTAA between both countries to provide for source-based taxation of capital gains arising on sale of shares in a company. Key Facts Read More…

Month:  Categories: Governance & Politics

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India and Kazakhstan sign Protocol to amend DTAC

India and Kazakhstan have signed a Protocol to amend the existing Double Taxation Avoidance Convention (DTAC) between the two countries in New Delhi. The DTAC between both countries was earlier signed in December 1996 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. Salient features Read More…

Month:  Categories: International

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BRICS nations to share tax information automatically to eliminate tax evasion

The BRICS (Brazil, Russia, India, China and South Africa) countries have agreed  to  share tax information automatically as per their commitment to ensure the fairness of the international tax system. Decion in this regard was taken at the meeting of Heads of Revenue of BRICS Countries in Mumbai, Maharashtra. Key Facts They have reaffirmed their Read More…

Month:  Categories: Business, Economy & Banking

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