A scheme of obtaining advance rulings has been in place in India since the early 1990s to help taxpayers better plan their affairs and to help prevent long and expensive litigation. Although this is a useful tool, there have been practical challenges and delays in obtaining advance rulings over the last few years. As a result, rulings which are required to be issued within six months are taking more than four years.
Japan reports a windfall from all types of taxes after the government revised its stimulus package. This could lead to greater corporate tax incentives for businesses.
Sources at Netflix, the European Commission and elsewhere consider the impact of incoming legislation to regulate tax advice in the EU – if it ever comes to pass.
This week European Commission officials consider legal loopholes to secure minimum corporate taxation, while Cisco and Microsoft shareholders call for tax transparency.
In the wake of India’s ambitious 25-year plan for economic growth, ITR has partnered with leading tax commentators to discuss what the future will look like for India and for the rest of the world.
EY’s plan to separate its auditing and consulting businesses might lessen scrutiny from global regulators, but the brand identity could suffer, say sources.