India Budget 2015
On Feb 28, 2015, India released the Finance Bill, 2015 (FB 2015) for financial year Apr 1, 2015-Mar 31, 2016. The FB 2015 proposes to amend the Indian tax law (ITL) to clarify the taxation of indirect transfers of Indian assets and defer implementation of the general anti-avoidance rules by two year...
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Published in | Journal of International Taxation Vol. 26; no. 6; p. 10 |
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Main Authors | , , , , , , |
Format | Trade Publication Article |
Language | English |
Published |
Boston
Thomson Reuters (Tax & Accounting) Inc
01.06.2015
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Subjects | |
Online Access | Get full text |
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Summary: | On Feb 28, 2015, India released the Finance Bill, 2015 (FB 2015) for financial year Apr 1, 2015-Mar 31, 2016. The FB 2015 proposes to amend the Indian tax law (ITL) to clarify the taxation of indirect transfers of Indian assets and defer implementation of the general anti-avoidance rules by two years. Other significant proposals include a reduction of the corporate income tax rate to 25% over four years; introduction of a place of effective management concept as a test for determining corporate residency; taxation of interest that a branch of a foreign bank in India pays to its head office; taxation of offshore funds that have fund managers based in India; and treatment of a business trust. The FB 2015 contains many favorable provisions -- a corporate income tax rate reduction, deferral of GAAR, applicability and exemption of indirect transfer taxation, and a reduction in withholding tax on royalties and technical service fees. |
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ISSN: | 1049-6378 |