One of the most crucial parts of an effective tax strategy is knowing how to recover the VAT you’ve paid during the past tax year. Not only is it important to know if you have the right to apply for a VAT refund, you should be aware of the preparations involved so you can obtain it as soon as possible.
Considering the detrimental effect of the COVID-19 pandemic that has led to the lockdown for over 8 weeks, Prime Minister Narendra Modi recently announced a special economic package of Rs. 20 lakh crores.
The Saudi Arabian Government recently announced that the VAT or Value Added Tax will be increased from 5% to 15% as of July 1st, 2020. The increase is one of several measures that have been taken in response to steadily declining government revenues associated with the impact of the Coronavirus on the Saudi Arabian economy.
As per the recent FDI law update, 100% foreign ownership is allowed in mainland companies in certain sectors of the economy. The resolution allows 122 economic activities in which FDI is permitted.
As per the Income Tax Act, 1961 Section 6 provides for the residential status of the individual based on the stay during the financial year that commences from April to March every year.