India Tax ForumIndia Tax ForumIn continuation to our advocacy efforts on Customs laws and procedures, US India Tax forum will be soon organising a discussion with Key officers at Ministry of Finance to discuss issues around CAROTAR schemes launched as part of the Trade Facilitation efforts. We would cover the challenges faced by industry and remedial measures around CAROTAR, 2020, Faceless assessment, Customs Import Valuation and Recent changes proposed in Advance Rulings Provisions etc. by Union Budget 2022-23 .
In continuation to our advocacy efforts, forum will be engaging with GST authorities soon on GST issues across sectors.
Tax planning and tax certainty is an important business consideration for tax heads. Multinational enterprises (MNEs) around the world are keen to mitigate tax risk for uninterrupted focus on business. Advance Pricing agreements (APA) and Mutual Agreement Procedures (MAPs) are useful internationally practiced mechanisms to prevent and resolve transfer pricing and international tax disputes. While APA can be adopted to set the transfer price of intra-group transactions in advance to avoid any future controversy, MAPs can be adopted for post facto dispute resolution on matters concerning double taxation. Both the mechanisms are novel means of resolving tax disputes through negotiations at various levels, as opposed to adversarial and long-drawn conventional means of litigation. USISPF, along with our knowledge partner Deloitte India, is conducting an interactive session to discuss the recent trends in APA and MAP in India and the US. The session will provide insights on the evolution of APA and MAP program, its progress to date and way forward, both in India and the US.
Tax planning and tax certainty is an important business consideration for tax heads. Multinational enterprises (MNEs) around the world are keen to mitigate tax risk for uninterrupted focus on business. Advance Pricing agreements (APA) and Mutual Agreement Procedures (MAPs) are useful internationally practiced mechanisms to prevent and resolve transfer pricing and international tax disputes. While APA can be adopted to set the transfer price of intra-group transactions in advance to avoid any future controversy, MAPs can be adopted for post facto dispute resolution on matters concerning double taxation. Both the mechanisms are novel means of resolving tax disputes through negotiations at various levels, as opposed to adversarial and long-drawn conventional means of litigation. USISPF, along with our knowledge partner Deloitte India, is conducting an interactive session to discuss the recent trends in APA and MAP in India and the US. The session will provide insights on the evolution of APA and MAP program, its progress to date and way forward, both in India and the US.
In continuation to our advocacy efforts on Customs laws and procedures, US India Tax forum will be soon organising a discussion with Key officers at Ministry of Finance to discuss issues around Faceless Assessment & CAROTAR schemes launched as part of the Trade Facilitation efforts. We would cover the challenges faced by industry and remedial measures around CAROTAR, 2020, Faceless assessment, Customs Import Valuation and Recent changes proposed in Advance Rulings Provisions etc. by Union Budget 2022-23 .
As the world is navigating with the lockdown situation in light of the COVID-19 pandemic, business leaders are facing tough challenges in managing the transfer pricing related risks due to the impact of the pandemic on the business globally. The lockdown would be lifted gradually, but there’s no denying to the fact that the world has now entered an unchartered new paradigm and it will take a while before business is able to recover completely. In the interim, MNEs are bound to face challenges in defending their transfer pricing policies, especially for captive set-ups in developing countries like India. USISPF, along with our knowledge partner Deloitte India, will conducting a webinar to discuss the various transfer pricing issues emerging on account of the COVID-19 pandemic.
USISPF is doing an interactive discussion with GST council on industry issues across sector. The idea is to apprise the council of key legislative and procedural issues and to get the council’s perspective on the same through a virtual policy roundtable before the next GST council meeting scheduled to happen soon. To get further details please write to @Shweta Kathuria
The preparations for Union Budget 2021-22 are in full swing at the Ministry of Finance. In our endeavour to share policy suggestions on behalf of the industry, USISPF made detailed submissions suggesting legislative changes under the Customs Laws and Corporate and international taxes and will be hosting the discussions soon with concerned officials.
Taxation of the digital economy is one of the most debated issue across the world. Last month Forum hosted an interactive discussion with Mr Rasmi Ranjan Das, Joint secretary, CBDT on the recently published OECD reports on two Pillars suggesting new approaches to taxing the digital businesses. In continuation to our efforts in gaining experts insights, we are now pleased to host Mr. Rajat Bansal, IRS who is a member of the UN’s subcommittee on Tax Challenges of the Digitalization of the Economy. The UN Committee of Experts on International Cooperation in Tax Matters, at its 20th session, agreed to consider adding new provisions addressing the taxation of the digital economy to the UN Model Convention. Mr Bansal presented an alternative approach to tax the digital economy through a new tax treaty article redefining nexus and profit allocation. In this session we aim to dwell a bit more on the committee’s recommendations.
Forum will be hosting a industry consultation with CBIC to discuss issues faced by industry on Faceless Customs and CAROTAR 2020.
The GST Law in India is ever evolving and USISPF Tax forum works quite actively with the GST council, CBIC and GSTN on several legislative and procedural issues under the GST Law across sectors with atleast 1 engagement every month. – December / January 2020
To participate in the US India Tax forum engagements, please write to Shweta Kathuria