Mergers and acquisitions activities in India pick up pace across industries
MUMBAI | NEW DELHI: India Inc’s quest for growth in what is now the world’s fastest-growing major economy is starting to show some results. Its entrepreneurs are becoming richer as cash-hungry private equity firms chase ambitious start-ups and ecommerce firms; consumers are happier as discount deals become a daily, predictable affair rather than an annual […]
DGCX January trade volumes up 22%
Gold volumes increase 23% year-on-year The Dubai Gold & Commodities Exchange (DGCX) recorded a robust start to the year with a total of 1,176,111 contracts traded in January, an increase of 22 per cent over December 2014, said a press statement on Wednesday. The metals segment was the main driver of volume growth, growing 24% […]
Puerto Rican Income Tax Rates To Fall Under VAT
Puerto Rico’s Governor, Alejandro García Padilla, on February 11, 2015, presented legislation to overhaul the nation’s tax regime, including the introduction of a value-added tax (VAT) and substantial cuts to income tax rates. Confirming the reforms, García Padilla said: “We currently have a tax system that penalizes work and productivity while encouraging evasion. It is […]
OECD To Update G-20 On BEPS Progress
On February 6, 2015, the Organisation for Economic Co-operation and Development (OECD) announced that it has reached agreement with the Group of Twenty (G-20) Finance Ministers on three key elements of its base erosion and profit shifting project. The three elements, which the OECD said will enable implementation of the BEPS project and will be […]
Mexico To Emulate Brazilian Free Zone Model
A delegation from the Mexican Government met with officials from the regulatory body of Brazil’s Manaus Free Trade Zone on February 4, 2015, to study the structure of the free zone. The visit followed an announcement by the Mexican Government that it plans to establish three special economic zones (SEZs) in the southern states of […]
US Accountants Call For DTA Approvals
In a recent letter to the Committee on Foreign Relations, the American Institute of Certified Public Accountants (AICPA) requested that the US Senate urgently approve all pending bilateral double taxation agreements (DTAs) and protocols. The AICPA pointed out that the full Senate has not approved any DTA or protocol since 2010. Their passage has been […]
Switzerland, Liechtenstein Conclude DTA Talks
Switzerland and Liechtenstein have concluded negotiations toward a new double tax agreement (DTA), which should enter into force from January 2017. Switzerland’s Federal Department of Finance (FDF) announced on February 5, 2015, that talks concluded on February 2. The FDF expects the deal to be signed this summer and, pending the completion of respective national […]
Abu Dhabi financial free zone selects English common law
7 January 2015, the Abu Dhabi Global Market (ADGM) published draft legislation covering its operations for consultation. The new financial free zone will have its own administration, court system and tax incentives to attract banks and companies from around the world. Under the proposals, the ADGM will follow the Dubai International Financial Centre (DIFC) in […]