OECD releases outcome of
"Fast-Track review process" to assess transparency standards of
countries in the run-up to the G20 Summit scheduled on July 7-8; OECD
states that "The latest results of the Fast Track review show that
progress has now been made by most jurisdictions in meeting the
international tax transparency standards"; Only one jurisdiction,
Trinidad and Tobago, rated as “Non-Compliant” against the Exchange of
Information on Request (EOIR) standard, while six jurisdictions viz.
Anguilla, Curaçao, Indonesia, Marshall Islands, Sint Maarten, and Turkey
have been rated as “Partially Compliant”; OECD Release says "In the
last 15 months, the significant changes made by jurisdictions towards
meeting the EOIR standard have led to upgrades in the overall ratings of
17 jurisdictions..."; Panama and the United Arab Emirates have
received upgraded rating of 'Largely Compliant'; OECD clarifies that the
outcome of the "fast-track review" is a provisional rating and
the jurisdictions which have received improved provisional ratings will
undergo a full peer review under the second round of reviews; India has
been rated as "compliant" while countries like Singapore,
Mauritius, Cyprus, Liechtenstein, Luxembourg have been rated as
"Largely Compliant" in the first round of Global Forum reviews;
NGO Tax Justice Network sharply criticises the OECD announcement as undermining
the progress that has been achieved over the last few years, terms it
" disheartening to see the OECD fall back into the old pattern of
creating ‘tax haven’ blacklists on the basis of criteria that are so weak as to
be near enough meaningless..."
Subscribe to:
Post Comments (Atom)
GST Not Leviable on Transfer of Leasehold Rights of MIDC Plots: SC Dismisses Revenue’s SLP
In a significant development, the Supreme Court has dismissed the Revenue’s Special Leave Petition (SLP) challenging a Bombay High Court (...
-
· Legal Framework: Section 171 of the Income Tax Act, 1961 provides the legal framework for the partition of a Hindu Undivided...
-
New utility for generation of Form 16A in pdf format provided by https://www.tdscpc.gov.in is very light and is sized only 8.43 MB while ...
-
1. Introduction Cross-border investment structures often employ intermediate holding companies in jurisdictions like the Cayman Islands. A c...
-
A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
-
Issue before the Income-tax Appellate Tribunal (ITAT) Whether the phrase “paid up capital and general reserves” should be defined as “Ne...
-
Introduction Employee welfare is a cornerstone of corporate responsibility, and gratuity forms a critical part of the social security benefi...
-
Facts Saptarshi Ghosh (the tax payer) was a salaried employee of TCS Limited (employer), an Indian company. He was on deputation to the U...
-
Selling a property can trigger a significant tax liability in the form of capital gains tax. However, the Income-tax Act, 1961, allows you...
-
In the complex landscape of India’s Goods and Services Tax (GST), the tax treatment of non-compete fees has emerged as a critical area f...
-
The newly enacted Income Tax Act, 2025, marks a significant step toward simplification by consolidating multiple presumptive taxation sche...
No comments:
Post a Comment