BLACK MONEY WHITE PAPER M A Y 2 0 1 2 MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI |ÉhÉ´É àÉÖJÉVÉÉÒÇ PRANAB MUKHERJEE ÉÊ´ÉkÉ àÉÆjÉÉÒ‚ £ÉÉ®iÉ FINANCE MINISTER INDIA Foreword In the past year the public discourse on the issue of corruption and black money has come in the forefront with the active participation of the civil society and our Parliamentary institutions. Two issues have been highlighted in this debate. First‚ several estimates have
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Customs (HRMC) to abolish the tax avoidance schemes that is seen as totally abusive and unacceptable for the importance of the United Kingdom herself. The HRMC feels the need to curb the problems of companies investing offshores‚ people not using banks for their businesses and daily transactions and the list go on just to avoid paying the high rate of taxes that they are obliged to. The government claims that GAAR is the ultimate solution to approach the United Kingdom tax system. The question is‚ how
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2012 is applied to deny tax treaty benefits to non-residents taxpayers who would otherwise be entitled to them through improper use of treaty provisions. Under Indian GAAR‚ an arrangement whose main purpose or one of the main purposes is to obtain a tax benefit and which satisfies certain prescribed conditions such as lack of commercial substance‚ abuse of treaty provisions‚ etc would qualify as an impermissible avoidance arrangement on which GAAR could be applicable. The tax effect of such impermissible
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magnitude of potential taxes arising from indirect transfers of immovable assets and the increasingly supportive global economic conditions of this practice‚ the Directorate General of Taxation needs to formulate a comprehensive policy to optimize tax revenue from this scheme and create equal treatment of asset transfers
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Located due east of Madagascar in the Indian Ocean‚ Mauritius can be described as one of the best-kept secrets in this part of the world. This relatively unknown island certainly can be called a tax advantaged jurisdiction‚ aside from also being one of most beautiful places (and one of the least expensive) places to live. The entire population of the country is about 1.2 Million‚ with 150‚000 inhabitants occupying the friendly capital of Port Louis. Although technically an English Commonwealth
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same group. Hence‚ it was pertinent to introduce a uniform and internationally accepted mechanism of determining reasonable‚ fair and equitable profits and tax in India in the case of such multinational enterprises. Accordingly‚ the Finance Act‚ 2001 introduced law of transfer pricing in India through sections 92A to 92F of the Indian Income Tax Act‚ 1961 (‘the Act’). The Indian Transfer Pricing Regulation (TPR) is in line with the OECD guidelines. These regulations have increased the onus on taxpayers
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What tax avoidance plan does Bombardier use? (6 marks) Proposed by consultants from Ernst & Young‚ Bombardier’s tax avoidance plan involved the financial restructuring of the company’s financing activities which included sending $500 million from Bombardier’s U.S. unit to a Luxembourg subsidiary in exchange for
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current scenario transfer pricing regime in Bangladesh so that with the help of the review of related research works‚ a picture can be portrayed. In today’s globalised world‚ transfer pricing is assuming growing importance both from the perspective of tax agencies which are interested to combat the abusive use of it‚ and of many of the multinational corporations (MNCs) with cross‐border operations and transactions for which this is becoming a common practice. MNCs are increasingly operating in regions
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[pic] CIMA MANAGERIAL PAPER 7 FINANCIAL ACCOUNTING AND TAX PRINCIPLES INTERNAL ASSESSMENT PLEASE ANSWER ALL QUESTIONS ANSWERS MUST BE SUBMITTED BY 23/03/09. 1. The qualitative characteristics of relevance‚ reliability and comparability identified in the IASB’s Framework for the preparation and presentation of financial statements (Framework) are some of the attributes that make financial information useful to the various users of financial statements. Required: Explain what is
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and losses. Creative Accounting – Example 2 – Moving business segments offshore Enron created these entities offshore. This is also a common practice in accounting and tax planning. Many businesses do this to reduce the amount of taxes they pay‚ this can be done legally (tax avoidance) and it can take illegal forms (tax evasion). Offshore entities usually enjoy an enhanced level of privacy‚ this can make it difficult for local governments and auditors to gain insights into what is going on
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