Gulf States FTA Enters In Force
Five years after its ink, the free trade agreement (FTA) between the European Free Trade Association (EFTA) States – Liechtenstein, Iceland, Norway and Switzerland – and the Cooperation Council for the Arab States of the Gulf (GCC), comprising Bahrain, Oman, Kuwait , Saudi Arabia, Qatar and the United Arab Emirates, became into operation. Apart from […]
India, China sign three key MoUs on industrial parks
The MoU on industrial parks is provides an enabling framework for Chinese companies to invest in industrial parks and zones. The MoU will ensure cooperation between Lal Bahadur Shastri National Academy of Administration, Mussoorie and China Executive Leadership Academy, Pudong, Shanghai. India and China have agreed to cooperate to increase mutual investment in each other’s […]
Treaty Updates
UAE Signs Provisional FATCA Agreement • Cyprus – Spain: Tax Treaty Enters Into Force • South Africa, US Conclude FATCA signed an inter-governmental agreement • Treaty Signed Between Ireland – Botswana • Treaty Signed Between France – Andorra • Treaty Signed Between Luxembourg – Morocco • Treaty Signed Between Luxembourg – Japan • Tax Treaty […]
India poised to return to high growth path: OECD
In two previous financial years India has grown below 5% mainly because of the global slowdown coupled with domestic economic sluggishness. Reserve Bank of India expects the economy to pick up and grow at over 5.5 per cent by March 2015. Moreover, the formation of a new government which reflected in the stock market surge and strengthening […]
World Bank projects India growth at 5.5% in FY15
For Global Economic Outlook the World Bank has Lowered Projections and urged developing countries to double down on domestic reforms. GDP growth in South Asia slowed to an estimated 4.7% in market price terms in 2013, this weakness mainly reflected in manufacturing activity and a sharp slowing of investment growth in India. Most of the […]
IRS Issues Its First FATCA Financial Institutions List
Internal Revenue Service (IRS) published over 77,000 banks and other foreign financial institutions (FFIs) which already registered with the United States and received a global intermediary identification number (GIIN), to comply with the Foreign Account Tax Compliance Act (FATCA). FFI fails to disclose information on their US clients will result in a requirement to withhold 30% tax […]
OECD Issues Latest Tax Transparency
OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes has issued 12 new reports which assess jurisdictions’ legal and regulatory framework for information exchange and transparency. Due to these reviews, Saudi Arabia Columbia and Latvia meet the qualification standards of the next stage of the review process, while the peer review of the Federated States of Micronesia (FSM) […]
DIFC sets up Dispute Settlement Authority
Amendments to the laws governing the Dubai International Financial Centre (DIFC), a free zone in Dubai recently announced by Mohammed bin Rashid Al Maktoum, the Vice President of the United Arab Emirates and ruler of Dubai. The amendments include the establishment of a disputes settlement authority and the new authority will be an independent corporate […]
UAE economy set for a sustainable boom
According to the Institute of International Finance (IIF) solid fundamentals and non-oil sectors drive GDP growth. The UAE economy grew 4.7% in 2013, supported by higher oil production. This growth trend is forecast to continue into 2014 supported by strong non-hydrocarbon growth. The IIF economists have forecast a non-oil sector growth of 5.2% while the […]
New Automatic Information Exchange Standard
OECD (Organization Economic Co-operation and Development) has been endorsed the Declaration on Automatic Exchange of Information in Tax Matters with all 34 Organization of member countries, along with Argentina, Brazil, China, Colombia, Costa Rica, India, Indonesia, Latvia, Lithuania, Malaysia,Saudi Arabia, Singapore and South Africa. The declaration commits the signatories to implement a new single global standard […]