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Finance Act 2016 replaced the test for corporate residency of foreign companies from "control and management being situated wholly in India" to "place of effective management (POEM) in India".

The Finance Minister in his Budget speech last year had mooted the proposal to reduce the rate of corporate tax from 30% to 25% over the next four years, along with corresponding phasing out of exemptions and deductions.

The article highlights the legal, tax and administrative challenges faced by operational SEZ units transitioning into Domestic Tariff Area units. Key issues include uncertainty during the approval period, inconsistent inventory valuation dates, excessive duties on domestic assets, and full-value taxation of raw materials.

One of the most important and widely debated concept of Double Taxation Agreements is that of "Permanent Establishment"[hereinafter referred as PE].

The Company preferred appeals against the order of Specified Officer with the Commissioner of Customs (Appeals) but, the appeals were not entertained for want of jurisdiction.

We are pleased to present the June issue of SKP Global Updates – our newsletter that covers employment

Global Capability Centres in India have evolved from basic support operations into strategic hubs handling high-value functions like R&D, analytics, and procurement. As these centres scale and take on more complex responsibilities, multinational enterprises face heightened tax risks around permanent establishment classification and transfer pricing compliance that require careful structural review and documentation.

Q3 of FY 2023-24 | October 2023 The Colombian Tax Authority has issued new rulings on Significant Economic Presence (SEP), stating that non-residents with SEP in Colombia must pay either a 10% withholding tax or a 3% annual income tax on their gross income.

With no changes in taxes for individuals and corporates, Budget 2024-25 demonstrates stability in policy making by Finance Ministry.

The judgment is particularly relevant to share transfers to related parties, in a group restructuring exercise.

On September 1, 2012, the Shome Committee, which was constituted by Indian Prime Minister Manmohan Singh to review the General Anti-Avoidance Rule (the "GAAR"), submitted its 108-page Expert Committee Report to the Indian Government.

We are pleased to present the latest edition of Tax Street – our newsletter that covers all the key developments and updates in the realm of taxation in India and across the globe for the month of June 2021.

For many finance teams, the warning signs are familiar. The month-end close often stretches beyond ten days. Different versions of the same profit and loss statement get shared over email, and no one has a clear idea which is the latest file. A single minor change to a formula in a spreadsheet can disrupt the entire consolidation. By the time someone notices the mistake, it might be too late.

The Government had a vision of bringing about the simplification of tax laws, and it initiated many reforms in direct and indirect taxation regimes, towards this objective.

On October 8, 2021, over 135 member countries of the OECD/G20 Inclusive Framework (IF) on Base Erosion and Profit Shifting (BEPS), representing more than 95% of global GDP...

The key issue which needs further deliberation is that whether the positions captured in the Circular are merely clarificatory in nature or are substantive changes to the legal position.