Taxation Current Affairs - 2020

India, China and four others courtiers sign pact on tax info sharing

India and other 5 countries viz. Canada, Iceland, Israel, New Zealand and China have signed OECD’s (Organisation for Economic Co-operation and Development) Multilateral Competent Authority Agreement in Beijing (China). The multilateral agreement aims at boosting automatic exchange of information on tax issues and developing new tools to tackle the tax evasion. Key facts The pact Read More…

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India, Mauritius signs Protocol to Amend Taxation Methods

India and Mauritius have signed a protocol to amend taxation methods for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains. The Protocol seeks to prevent “abuse” of the tax avoidance treaty. It also provides for updation of Exchange of Information Article as per Read More…

India, US to collaborate on tackling offshore tax evasion

India and United States (US) have agreed to enhance collaboration on tackling offshore tax evasion and increase co-operation in sharing of cross-border tax information. Decision in this regard was taken at the 6th US-India Economic and Financial Partnership meeting held in Washington on the sidelines of the annual Spring Meeting of the IMF and the Read More…

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India, Maldives sign six agreements in different sectors

India and Maldives have signed six agreements in different sectors to boost bilateral relations between both maritime neighbouring countries. These agreements were inked after comprehensive talks between visiting Maldives President Abdulla Yameen Abdul Gayoom and Prime Minister Narendra Modi in New Delhi. The bilateral agreements were signed in the fields of avoidance of double taxation, Read More…

Union Government imposes safeguard duty on import of steel products

The Union Finance Minister has extended the safeguard duty on import of some steel products by two years i.e till March 2018. In this regard, the Central Board of Excise and Customs (CBEC) has issued a notification mentioning that safeguard duty will be reduced to 10% in stages till 2008 from current 20%. The safeguard Read More…