Sponsored

The Mexican tax authorities may issue rules for implementing the decree.

The changes brought about by the Protocol are largely similar to the revised India-Mauritius tax treaty.

With almost INR 14 million ($205,000) worth of INR 500 and INR 1,000 notes in circulation, this is so far probably the single biggest effort to root out black money and to curb fake currency and corruption.

In India, intangibles that qualify for depreciation under the Income-tax Act, 1961 (Act) are defined to include "know-how, patents, copyrights, trademarks, licenses, franchises and any other business or commercial rights of similar nature". Since "goodwill" does not expressly find a mention in the list of intangible assets that qualify for depreciation, claims of depreciation on goodwill have been a matter of debate for a considerable time with decisions on both sides of the spectrum.

The New Zealand Inland Revenue has announced that it will be increasing the number of large taxpayers that it monitors as part of its Basic Compliance Package (BCP). Inland Revenue's announcement comes at a time of increased media and political attention on the tax affairs of foreign-owned multinational groups.

By a majority vote, the Second Chamber of Mexico's Supreme Court of Justice ruled on the constitutional trials filed against the Income Tax Law that only allow employers to deduct certain payments.

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.

At the beginning of 2013, and after having had a very hard time trying to convince businesses to support the 2012 tax reform, the government promised that it would file a comprehensive tax reform to better articulate the tax system and in this way avoid the need of making reforms every other year to deal with budget constraints, writes Jaime Vargas, tax managing partner and international tax services leader at EY Colombia.

Gains arising from the transfer of capital assets situated in India are taxable in India. However, determining the tax treatment of intangible assets in an Indian context poses several challenges because of the limited guidance on this issue.