One of the least discussed proposed provisions in India’s Direct Taxes Code is the branch profits tax. The new law proposes to tax profits of the branches of the foreign companies carrying on business in India. Ajit Korde, Commissioner of Income Tax, Indian Revenue Service, discusses some of the aspects of the tax and argues that it should be higher up on taxpayer’s agendas.
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The OECD had previously missed a June 30 deadline to agree an MLC on amount A; in other news, UK corporation tax bills surged to a record high last year