UAE introducing an Authorised Economic Operator (AEO) programme
Dubai Customs announced the introduction of the Authorised Economic Operator (AEO) programme in September 2015 in line with Dubai Customs’ vision to be the leading customs administration in the world supporting legitimate trade. The AEO is one of the pillars of the WCO SAFE Framework of Standards to Secure and Facilitate Global Trade (SAFE Framework), aimed at […]
Foreign companies having an Indian holding company does not result in PE nor POEM in India
Recently, the Mumbai Bench of the Income Tax Appellate Tribunal, in the case of Forbes Container Line Pte Ltd vs ADIT (ITA No. 1607/MUM/2014) has held that the location of one director or the parent company being in India cannot be the only factor used to determine the Place of Effective Management (POEM) in India. […]
UK 2016 Budget: Measures Affecting Businesses and Savers
Given the lack of room for manoeuvre amid the global economic slowdown, Chancellor of the Exchequer George Osborne’s latest UK budget contained a surprising number of tax measures. Business tax roadmap Corporate income tax and losses Alongside the budget, the UK government has published a business tax roadmap. This sets out cuts in business […]
India Budget 2016 – Transfer Pricing Amendments
Background The fiscal budget was announced in India on 29 February 2016. Like every year the government released several measures to accelerate growth and development in the country. One of the most important developments from a Transfer Pricing (TP) regulations perspective was introduction of Country-by-Country (CbyC) reporting norms for TP documentation with effect from Assessment […]
UAE To Implement VAT On 1 January 2018
The UAE Minister of State for Financial Affairs, His Excellency Obaid Humaid Al Tayer, has stated that the UAE will implement VAT at the rate of 5% on 1 January 2018. The minister was speaking in Dubai on 24 February after a joint press conference with Christine Lagarde, Managing Director of the International Monetary Fund […]