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Some traditional companies that do not have a PE in India could also find themselves embroiled in the new tax framework, tax experts said. These firms may have to pay up to 42% of their income in taxes in the country, up from nil now. ....
MNCs keep the faith in Shanghai as key HQ destination By HE WEI in Shanghai | China Daily | Updated: 2021-05-25 08:01 Share CLOSE Tourists take photos at the Bund area of Shanghai. [Photo by Wang Gang/For China Daily] Shanghai recognized on Monday a new batch of multinational corporations that set up their regional headquarters or research and development centers in the city, a move further cementing its position as the magnet attracting foreign businesses. A ceremony attended by mayor Gong Zheng certified 30 MNCs regional headquarters and 10 R&D hubs, with business executives touting China s allure as an investment destination thanks to market vibrancy and favorable policies. ....
The US is pushing for global unity to stop MNCs from exploiting tax gaps across the world. It also wants a grand treaty on digital taxation. India must weigh its proposals carefully ....
GST applicable on credit card expenses incurred by employees of MNCs India arms, rules AAR SECTIONS Share Synopsis As per the details of the case, ICU Medical Inc had provided credit cards to employees of its India subsidiary for incurring business-related expenses within and outside India. The Indian arm would then claim these as part of reimbursements from the holding company. ThinkStock Photos The question was whether GST is applicable on credit card bill reimbursements for India subsidiaries. Credit card expenses incurred by employees of an Indian subsidiary are set to come under the Goods and Services Tax (GST). In a recent ruling by Tamil Nadu Appellate Authority for Advance Ruling (AAR) it was ruled that any expenses incurred by Indian employees and then claimed from the holding company should be taxed under GST. ....
Taxing thoughts April 15, 2021 US Treasury Secretary Janet Yellen’s proposal goes against nations’ sovereign right to impose taxes - REUTERS US Treasury Secretary Janet Yellen’s proposal goes against nations’ sovereign right to impose taxes - REUTERS× Yellen’s proposal of a minimum global corporate tax rate is not feasible There are no easy solutions to the long-drawn battle between tax authorities and multinational corporations, who practise tax evasion to perfection. Profit shifting by these companies through affiliates set up in low tax jurisdictions has resulted in substantial loss of tax revenue for countries. The proliferation of digital companies without physical presence in any country, has compounded the problem. The recent proposal of the US Treasury Secretary, Janet Yellen, asking countries to agree on a minimum corporate tax rate to address this issue, is however too simplistic. She decried the “30-year race to the bottom” ....