Taxation Current Affairs - 2020

Saudi Arabia, UAE introduce VAT for first time

Saudi Arabia and United Arab Emirates (UAE) became first countries of Gulf Cooperation Council (GCC) to introduce Value Added Tax (VAT) for the first time to increase their revenue away from oil reserves. The other members of 6 member GCC– Bahrain, Kuwait, Oman and Qatar — have also committed to introduce VAT, though some have Read More…

India-Switzerland ink agreement automatic sharing of tax-related information

India has signed agreement with Switzerland for automatic sharing of tax-related information from January 1, 2018 with an aim to combat black money. Prior to it, India had to ask Switzerland for specific bits of information against the Indian account holder in Swiss banks. But due to its earlier secretive laws it could delay or Read More…

CBDT signs two Advance Pricing Agreements

The Central Board of Direct Taxes (CBDT) has entered into 2 Bilateral Advance Pricing Agreements (APAs) in November 2017. These two agreements are first ever Bilateral APAs with Netherlands. These two APAs pertain to Electronics and Technology sectors of economy. It also covers international transactions that include Distribution, Provision of Business Support Services, Provision of Read More…

Badri Narain Sharma appointed as Chairman of National Anti-Profiteering Authority

The Appointments Committee of the Cabinet (ACC) has appointed senior bureaucrat Badri Narain Sharma as Chairman of National Anti-Profiteering Authority (NAA) under Goods and Services Tax (GST) regime. Sharma is 1985 batch IAS officer of Rajasthan cadre. Prior to this appointment, he was additional secretary in Department of Revenue, Finance Ministry. Background The Union Cabinet Read More…

Cabinet approves agreement on co-operation in customs matters between India and Philippines

The Union Cabinet approved signing and ratifying of Agreement between India and Philippines on co-operation and mutual assistance in customs matters. The agreement will help in availability of relevant information for prevention and investigation of Customs offences. The Agreement is also expected to facilitate trade and ensure efficient clearance of goods traded between countries. It Read More…