The Delhi Tribunal has ruled against the taxpayer in another case which highlights the service permanent establishment (PE) clause of India’s double tax treaties.
The Indian government has released a revised version of the Direct Taxes Code (DTC) for public comment. One provision that stands out is aimed at bringing indirect share transfer transactions into the tax net.
Ron Wyden, Senate Finance Committee chairman, has released a tax extenders Bill. Business lobbyists will be delighted that extender provisions (various tax breaks that expired at the end of last year) are receiving attention sooner rather than later, while House Republicans may view this as a blow to their hopes for comprehensive action on tax reform.
The stars are not aligned to allow tax reform right now Reform of the US tax system is still a long way off judging by the differences between the proposals in the 2015 Budget which President Obama released last month and the plan of Dave Camp, House Ways and Means Committee chairman, which came out a week earlier. The Obama FY 2015 Budget largely carries forward previous tax proposals outlined by the Administration, though new revenue raising proposals include a limit on corporate interest deductibility and restrictions on hybrid arrangements.
Osborne listened to complaints about successive bank levy rate rises Taxpayers craved certainty from the UK budget last month and that is broadly what they got. George Osborne, the chancellor of the exchequer, even resisted the temptation to increase the bank levy, a regular measure in recent budgets, though the charge itself is set for a redesign.
After Luxembourg and Austria removed their longstanding veto to the move, the European Council this week strengthened EU rules on exchange of information on savings income, meaning member states will be better equipped to stamp out cases of tax fraud and tax evasion.
