Tax

SEZs unlikely to get tax sops under DTC

SEZs unlikely to get tax sops under DTCUnder the revised draft of Direct Tax Code (DTC), the Finance Ministry is unlikely to continue giving income-tax sops to special economic zones (SEZ), even though assurance has been given by the Commerce Ministry regarding the protection of the SEZ investors’ interests.

Commerce and Industry Minister Anand Sharma, and Finance Minister Pranab Mukherjee have a meeting last week to discuss the issue.

The Finance Ministry has hinted that they were not inclined to give in to the request of the Commerce Ministry regarding extension of sops for a number of reasons.

New Canadian tax leads to "a lot of confusion"

New Canadian tax leads to "a lot of confusion"An economics professor has said that a new tax that went into effect on Thursday in the Canadian provinces of Ontario and British Columbia has led to "a lot of confusion."

Canwest news service has said that provincial citizens found themselves paying more for a number of products and services Thursday, Canada Day, as a 13 percent tax known as the Harmonized Sales Tax went into effect. Goods and services previously exempt from provincial sales tax in Ontario, from haircuts to theater tickets to gasoline, will cost more.

Sales tax rate may be doubled in Japan

Sales tax rate may be doubled in JapanIt plans to double the nation's sales tax rate to 10 percent to continue financing the country's social welfare system, Japan's ruling party has said.

The Kyoto News said on Friday that Prime Minister Naoto Kan of the ruling Democratic Party of Japan said the country needs a comprehensive reform in its tax system, urging opposition parties to join related parliament debates.

But some within his own coalition criticized his proposal for doubling the 5 percent consumption tax rate.

$56.8 million in tax credits approved for 11,000 Michigan jobs

$56.8 million in tax credits approved for 11,000 Michigan jobsAccording to the official reports, a Michigan development office Tuesday approved $56.8 million in tax credits for 10 companies in order to create or keep 11,000 jobs in the state.

The Detroit News has reported that the Michigan Economic Development Corp. approved the credits for Ford Motor Co., Detroit Diesel and eight other firms.

India To Set Up Eight More Overseas Tax Units: Pranab Mukherjee

Pranab Mukherjee The country has decided to establish eight more overseas tax units with the intention to fight the threat of evasion as growing cross-border trade of goods and services was throwing up novel and multifaceted challenges.

India's Finance Minister Pranab Mukherjee made this announcement during the annual conference of chief commissioners and directors general of income tax in New Delhi.

Mr. Pranab also said that the growth of tax shelter products and use of tax havens is one more challenge that exhales from globalization.

India To Set Up Eight More Overseas Tax Units: Pranab Mukherjee

Pranab Mukherjee The country has decided to establish eight more overseas tax units with the intention to fight the threat of evasion as growing cross-border trade of goods and services was throwing up novel and multifaceted challenges.

India's Finance Minister Pranab Mukherjee made this announcement during the annual conference of chief commissioners and directors general of income tax in New Delhi.

Mr. Pranab also said that the growth of tax shelter products and use of tax havens is one more challenge that exhales from globalization.

Cape Lambert cancels WA project over new tax

Cape Lambert cancels WA project over new tax Cape Lambert Resources said that it has cancelled all planned exploration activities at its Pilbara project in Western Australia over the proposed super tax on the mining industry. The company said that it took this step as a result of the uncertainty the Henry tax review was creating.

Export of iron ore may drop 50% on duty hike

Export-IronThe Government of India has increased the export duty on iron ore lumps to 15% this week. Earlier it was 10%. The reason behind such hike is to discourage exports so that the raw material availability for local steel mills can be improved.

Now this idea seems to be working for the Government of India, because it has been expected that there will be a huge decrease in the iron ore exports this month.

As per the market experts, the recent duty hike on iron ore lumps will pull down the exports of the commodity. There has been a steady decline in exports in the past four years as well.

Government raises export tax on iron ore

Pranab MukherjeeThe government has raised the export duty on iron ore. As per the recent declaration it has been increased to 15%. Earlier it was 10%. The Indian Finance Minister Pranab Mukherjee has said in parliament on this issue and has informed that the Government has decided to do so to shrink China's procurement from India.

By such move, the steel-making raw material will be hugely available for domestic steel makers of the country. Because the current market scenario of iron ore is quite disappointing in the domestic level. The country is facing a huge shortage in ore supplies.

UK companies pay early dividends to avoid new tax

DividendSome UK companies found a new way to dodge the new 50% tax, imposed on April 6 this year. According to the new data from Capita Registrars, some 41 companies brought forward their dividend payments in order to avoid their shareholders being penalized by the new tax rate.

Memoranda by British Liberal Democrats allegedly advise party members to use taxpayers' money for election propaganda

TaxpayerAccording to the sources, memoranda by British Liberal Democrats allegedly advising party members to use taxpayers' money for election propaganda were apparently leaked.

The British Daily Mail reported on Thursday that Hilary Stephenson, the campaign and election director for Liberal Democrat Parliament member Nick Clegg, prepared a document that detailed instructions on how to use gray areas in the rules to party members' advantage.

Cotton export duty may control price rise

CottonThe Government is expecting to get Rs 2,500-per-tonne duty on raw cotton exports and estimates that this can neutralize the rising price of cotton in the domestic market. Further it can help India to strengthen its stand in the international market.

According to sources, the Central Board of Excise and Customs may impose the duty. This has endured an immediate rise of the cotton price since few months.

New tax rate may lead to lower tax revenue

New tax rate may lead to lower tax revenueThe tax revenues may be lesser over the long term as the new 50% tax rate for people earning more than £150000 comes into action on Tuesday. The Institute of Directors warned today that the tax will simply drive top earners abroad. The group said that the new tax may be helpful to raise revenue in the short term, while it could actually lead to lower overall tax revenues over the medium and long term.

47% Americans to escape income tax payment for 2009

47% Americans to escape income tax payment for 2009A very interesting projection published by a Washington-based research organization the Tax Policy Center suggested on Wednesday that for the year 2009 close to 47 per cent of the Americans will not pay any tax as their incomes were too low to fall in the tax bracket or they qualify enough under different deductions and exemptions that the do not need to pay tax.

VAT rollback on cooking gas cylinders

A-K-WaliaThe Delhi government announced on March 29 to roll back VAT on cooking gas cylinders and CNG. They decided to withdraw 4 percent VAT on LPG cylinders and 5 percent on CNG, which is used by buses and auto-rickshaws in Delhi.

Finance Minister A K Walia has submitted the budget on March 22 and this turnaround took place exactly after one week of submitting the budget, in which Walia withdrew the subsidy of Rs 40 per LPG Cylinder. After this rollback, LPG cylinder would cost RS 310 from April 1, which was earlier decided to cost at Rs 322, present cost of the cylinder is Rs 282.

Tax bill will be boosted by Healthcare law

Tax bill will be boosted by Healthcare lawIt will take a $1 billion charge against earnings because the federal healthcare overhaul cancels a tax benefit the company received, says AT&T Inc.

AT&T, and other U. S. companies that provide prescription-drug benefits to retirees, receive a federal subsidy, the value of which also can be deducted from the firms' taxes.

The Wall Street Journal reported on Saturday that the healthcare overhaul plan signed by President Obama this week cancels the deductibility of the subsidy.

SIAM trying to undermine the GST impact on used car market

SIAM trying to undermine the GST impact on used car marketWhile the April 2011 deadline for the application of Goods and services Tax (GST) across the Indian market is still not finalised, SIAM has already started to investigate about its impact on the used car market.

The association has already formed a committee led by Rajeev Dubey, President (HR, After-market and Corporate Services), Mahindra & Mahindra that will analyse the impact of the GST on the pre-owned car market.

However, the committee has had three meeting already and will be ready with a 'position paper' soon.

Government to bank Rs. 200 crore from IPL

IPL-TAXAs the third season of the much-hyped cricket tournament, Indian Premier League kicks off, the Government is planning to bank around Rs. 200 crore from the 44-day long cricket affair.

Out of the Rs. 200 crore, almost Rs. 100 crore is expected to be contributed from the Tax deducted at source (TDS) which will comprise of the tax paid by the players, umpires et al against the remuneration they will receive against taking part in the tournament and the other Rs. 100 crore will be collected on the account of service tax coming from the advertising, marketing and consultancy services.

Bloomberg Posting Tax on soda

Michael-BloombergIn the recent news, the Mayor Bloomberg has announced that it shall be raising the tax on the soda to reach the $1 billion mark.

The piece of information has set waves for the New Yorkers to stock that extra soda for the coming time as they have to get the same favorite with an increased price after some time.

According to Bloomberg, the New York's state Legislature must take on the penny-per-ounce tax procedure on the soda drinks to help the schools and health care systems with the increased money. So now a can of soda can cost an extra 12 cents.

Partial withdraw of stimulus packages

TAXAll the central bodies have started withdrawing the stimulus packages. On one hand where the increase of excise duties and service taxes are expected in the coming budget, there is bad news for small time exporters too. The headroom for raising foreign currency loans had been increase.

The cap had been raised to Libor plus 350 basis points from Libor plus 100 basis points by the RBI in February 2009. The maximum rates have now been lowered to Libor plus 200 basis points.




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