The African world of tax
The recent changes and amendments in the taxation area of African countries: Ghana: The Ghana parliament has abolished the customs duty on spare parts of two wheelers and has introduced an import levy of 0.2% on all imports coming on from countries who are not the members of the African Union (AU). The government has […]
CBDT introduces mandatory electronic scrutiny assessments from the financial year of 2017-2018
Introduction: The Central Board of Direct Taxes has issued a circular(1) stating that scrutiny assessment proceedings shall be carried on electronically with effect from the current financial year of 2017-2018. It has been further clarified that there will be no requirement of personal appearance before the authorities with an exception of certain clauses. This circular […]
Amendments in Oman Tax Law
Introduction The Sultanate of Oman has recently issued a new Royal Decree which bought a wide-ranging impact on the existing income tax law in the country. This law was published in the official gazette on 26th February 2017. This article aims to share the major highlights and the impacts of the newly introduced amendments. The […]
Introduction of VAT in UAE
Introduction The GCC nations have announced introduction of VAT from the next year and preparation for the same is in full swing. Kingdom of Saudi Arabia already published the treaty in their official gazette earlier this month and is all set to introduce it with effect from 1 January, 2018. The view of rulers of […]
Finance Ministers of GCC Explore VAT and Economic Issues
The GCC countries have already signed the treaty for implementation of VAT by 2018 and the preparation for successful implementation is already going on a war footing basis. The UAE and KSA are expected to introduce VAT with effect from 1 January 2018 and the rest shall follow within a couple of months. The lawmakers […]
Recent Major Changes in India Tax Law
Introduction The High Net Individuals, and Multinational enterprises and corporate are aggressively doing tax planning by engaging in complicated tax structuring to have less payout. Although the structure is legally acceptable, however the object of evading tax via them is not considered moral and is a question for discussion by various countries. In this regard, […]
VAT is UAE: Reason of MNC’s Joy
Introduction The UAE is all set to launch VAT which will be applicable to most of the business in the country with effect from 1st January, 2018. Preparations are in full form and authorities are leaving no stone unturned for successful implementation of the law in the country. Though business in the country are apprehensive […]
Six ways the Central Bank will combat money laundering in UAE
The Central Bank and United Arab Emirates (UAE) Government, considers it extremely important that monies earned by illegal means abroad are not circulated in the financial system of the country for the benefit of the criminals. To combat with it terrorism Central Bank has issued circular no. 24/2000 including other amendment resolution issued from time […]
Recent Developments in Taxation Issues in UAE
Introduction Taxes – a word alien to this part of the world will longer be so. The last few years have seen various new developments related to taxation in whole of Gulf region and the United Arab Emirates (UAE) is not an exception. Implementation of Common Reporting Standards (CRS) Nations across the world have recognized […]
Korea Tax Law Changes For 2016
The Korean National Assembly has approved amendments to tax laws for 2016 which include some changes to the proposals announced in August 2015. Supporting details related to the tax law changes have also been released in amendments to relevant Enforcement Decrees. The main corporate tax law changes that may have impact on Korean inbound investors […]