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, CuraƧao, 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)
Delhi HC holds 10% pre-deposit requirement for penalty-only appeals inapplicable where SCN was issued before amendment
This Tax Alert summarizes a recent ruling of the Delhi High Court (HC) [1] on whether the newly introduced pre-deposit requirement for fi...
-
ITC is blocked on motor vehicles having seating capacity ≤ 13 persons (including the driver) used for the transportation of persons. Furth...
-
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...
-
This Tax Alert summarizes a recent judgement of the Delhi High Court (HC)on imposition of penalty on directors of a company under the Ce...
-
Recently, in a significant taxpayer-friendly ruling, the Hon’ble Mumbai ITAT, in the case of Nikesh Bhagwandas Mehta vs. ITO , has clarifi...
-
Section 68 -Cash credits Section 69 -Unexplained investments Section 69A - Unexplained money, etc Section 69B -Amount of investme...
-
THE issues before the Bench are - Whether when an expenditure is claimed to have been incurred by an assessee for promotion of his busine...
-
Income Tax Department had clarify that the renting of mobile tower would attract lower TDS Deductions u/s. 194-I and not u/s...
-
LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
-
This Tax Alert summarizes a recent Circular issued by the Central Board of Indirect Taxes and Customs (CBIC) clarifying the manner of gra...
-
This Tax Alert summarizes a recent judgement of the Kerala High Court (HC) 1 upholding the validity of GST notifications 2 extending the t...
No comments:
Post a Comment