Taxpayers in China transferring equity interests in Chinese companies are being advised to conduct appraisals to determine the fair market value of the transferred interest.
A case in China highlights that individuals involved in indirect share transfers of Chinese companies, regardless of whether they have been completed or not, are being targeted by the authorities.
India will miss the April 1 2012 deadline for the introduction of the country’s new goods and service tax (GST), the chairman of the Central Board of Excise and Customs said.
Taxpayers need to treat external auditors with “great respect” despite the authorities having officials with “mixed abilities”, said a panel on effective audit management.
Companies need to be transparent when dealing with the tax authorities but should not be afraid to challenge the indirect tax positions taken by officials, say two leading indirect tax managers.
