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Aiming decriminalisation of offences, CBDT issues revised guidelines for compounding
Some of the major changes made for the benefit of taxpayers include making the offence punishable under Section 276 of the Act as compoundable. Further, the scope of eligibility for compounding of cases has been relaxed whereby the case of an applicant who has been convicted with imprisonment for less than 2 years being previously non-compoundable, has now been made compoundable.
Government imposes 20% export duty on rice
According to a Finance Ministry notification, 20 per cent export duty on rice in husk, husked rice and milled rice has been imposed which would be applicable from September 9. The move would help rein in prices of rice across the country. The decision to impose 20 per cent export duty on rice comes after wheat exports were banned in May.
CBDT allows taxpayers another opportunity to file application for tax settlement
It has been decided that such application can now be filed before the Interim Board for Settlement by taxpayers who have a pending case where filings could not be made earlier. The CBDT has decided that relief will only be applicable to taxpayers who were eligible to file application for settlement on January 31, 2021 for the assessment years for which the application is sought to be filed .
India expects major gains from multilateral global tax deal
Officials in the Finance Ministry said that the terms of negotiations of the global tax deal have taken all the inputs that India had shared over the years for equitable distribution of tax revenue by multinational enterprises to the market jurisdictions, especially in the digital world where companies may not have physical presence in all geographies but derive a larger portion of earnings and profits from there.
India agrees to global tax framework on taxing multinationals
India and the other countries issued a joint statement on Thursday affirming support for the proposed framework which has at its core a global minimum corporate tax of 15 per cent and makes way for countries to tax multinational enterprises (MNEs), especially tech giants like Google, Facebook and Amazon, on their earnings there.
130 countries support global minimum tax for world's largest corporations
OECD said that 130 countries have joined a new two-pillar plan to reform international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate. These 130 countries and jurisdictions, representing more than 90 per cent of global GDP, joined the statement establishing a new framework for international tax reform.
US Treasury proposes global minimum tax rate of 15%
In a statement on Thursday, the Department said over the last two days, department officials participated in meetings with the Steering Group of the Inclusive Framework on base erosion and profit shifting, as part of the Organization for Economic Cooperation and Development (OECD)/G20 international tax negotiations, reports Xinhua news agency.
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