In a Q&A on day one of this year's India Tax Forum, Amit Rana, vice president for taxes for GE in India, discusses how the Vodafone case might be resolved, some of the positive steps the government is taking to deal with the distrust between multinational companies and the tax authorities and India’s role in international tax policymaking.
P Chidambaram, India’s finance minister, has appointed Parthasarathi Shome as chairman of the Tax Reform Administration Commission (TARC), which the minister said he would set up in his budget speech last March.
The US has opened the online registration portal financial institutions (FI) can use to ensure adherence with the Foreign Account Tax Compliance Act (Fatca).
The US plans to issue guidance on a string of international tax issues in the next 12 months, including the Foreign Account Tax Compliance Act, Subpart F and deferral, inbound and outbound transactions, foreign tax credits and transfer pricing,
The US has agreed terms with another jurisdiction for an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA), bringing to 10 the number of countries it has signed, or intends to sign, such agreements with.
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are to set up a group to deal with different interpretations arising from the final converged standard on revenue recognition, which is due to be released before the end of September.
