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Looking inward and outward – ITR’s India Special Focus launched


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.

Click here to read all the chapters from ITR's India Special Focus.

Against the backdrop of the pandemic, India’s Prime Minister Narendra Modi announced the 2022 Union Budget, coinciding with the 75th year of an independent India.

Modi’s 25-year roadmap lays out a plan to make India a self-reliant digital giant, including a digital banking push and the introduction of a digital rupee using blockchain.

In Dhruva Advisors’ article, our authors analyse the changes announced in the 2022 Union Budget, including alterations to input tax credit, and improved options for taxpayers who want to update their tax returns.

The Budget also introduces changes to customs laws, in order to limit the impact of a Supreme Court judgment with which the government clearly disagrees. And finally, Dhruva Advisors identifies a disturbing trend towards retrospective amendments from the Indian government, which leaves taxpayers in an uncertain position and could increase litigation.

Meanwhile, our authors from KNAV have penned an outward-looking article unpicking how the Global Anti-Base Erosion (GloBE) model rules under the OECD’s pillar two policy will interact with the OECD/G20 Inclusive Framework’s BEPS project.

KNAV provides a clear explanation of the computation mechanism to be used for calculating the amount of top-up tax, if any, that companies need to pay to reach the 15% global minimum tax threshold.

Our authors also discuss the charging mechanisms of two domestic rules: the Income Inclusion Rule (IIR) and the Undertaxed Payment Rule (UTPR), as well as the difficulties these pose when interacting with existing tax treaty frameworks.

Finally, KNAV offers some concrete advice for tax directors: with pillar two planned to come into effect in 2023, what should multinational enterprises do to prepare? Differences in timings across jurisdictions where the company operates could cause issues, as could differing transfer pricing models adopted by constituent entities within the parent group.

Being aware of these challenges in advance will put in-house tax directors, as well as advisers, in a strong position to take an active, rather than reactive, approach to ensuring compliance, mitigating risk, and saving costs.

At an exciting time both for India and for the global tax landscape, we hope that you enjoy hearing from our top thought leaders in our second India Special Focus.

Click here to read all the chapters from ITR's India Special Focus.

more across site & bottom lb ros

More from across our site

Interview with Hadeel Biyari, partner, Deloitte and Touche & Co. – Chartered Accountants
The winners of the ITR Europe, Middle East, and Africa Tax Awards 2023 have been announced!
The winners of the ITR Asia-Pacific Tax Awards 2023 have been announced!
Mauro Faggion appeared cautiously optimistic as the European Commission waits to see whether all 27 member states will accept its proposal.
The global minimum rate also won’t entirely stop a race to the bottom, according to a tax director speaking at an ITR conference in London.
The country’s tax authorities are not interested in seeing transfer pricing studies any more, it was claimed at an ITR industry conference in London.
The controversial measure is being watered down after criticism from the European Central Bank.
More than 600 such requests were made in 2022, while HMRC has also bolstered its fraud service, it has been revealed.
The General Court reverses its position taken four years ago, while the UN discusses tax policy in New York.
Discussion on amount B under the first part of the OECD's two-pronged approach to international tax reform is far from over, if the latest consultation is anything go by.