The UAE has no plans to raise the 49 per cent foreign ownership cap for companies, a senior economy ministry official has said. Economy Ministry Undersecretary Mohammed Al Shihhi”s statement has dashed hopes of a company law that would allow overseas investors to fully own firms outside of the country”s free zones.
The introduction of big-ticket tax reforms through the Goods and Services Tax (GST) regime seems unlikely from next April with the BJP-ruled states today stating that they would not like to be reduced to ‘municipality or corporations. The kind of draft that they [central government] have presented…I do not think it could be passed. Which state will agree to become a municipality or corporation? To hand over all the powers to the Centre and then beg before it for money is against the spirit of the Sarkaria Commission report, Madhya Pradesh Finance Minister Raghavji told reporters here.
NOTIFICATION NO. S.O. 1433(E) [F. NO. 11/21022/9(1)/2008-FERA-III], DATED 22-6-2011 In exercise of the powers conferred by sub-clause (ii) of clause (j) of sub-section (1) of section 2 of the Foreign Contribution (Regulation) Act, 2010, the Central Government hereby specifies that the following international organisation shall not be treated as foreign source for the purposes of the said Act-
Raytheon Company v Dy CIT (ITAT Delhi) – In a turnkey contract, in which the assessee was under an obligation to supply the equipment and software as well as install them, the profit should be taxed on the completion of each milestone or at the time of handing over the functioning system to the contracting party. The supply of the equipment and software constituted a milestone in the contract and the income therefrom arose in the year of shipment, which was in a previous year.
Notification No. 51/2011 – Customs This notification shall be valid in respect of the Duty Entitlement Pass Book Scrips issued by the Licensing Authority against exports having Let Export Order up to and inclusive of the 30th day of September, 2011. Let Export Order, means an order which permits clearance and loading of the goods for exportation by the proper officer in accordance with section 51 of the said Customs Act.’
Notification No. 50/2011-Customs Whereas, in the matter of import of the Sewing Machine Needles (hereinafter referred to as subject goods), falling under sub-heading 8452.30 of chapter 84 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act) and originating in or exported from the People’s Republic of China (China PR) (hereinafter referred to as the subject country) into India, the designated authority in its final findings vide notification number 14/10/2010-DGAD, dated the 6th May, 2011, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 6th May, 2011, had come to the conclusion that-
Circular No.25/2011-Customs Attention is also invited to Board’s Circular No.9/2010-Customs dated 8.4.2010 which stipulates that those applicants who have passed the examination referred to in Regulation 9 of CHALR, 1984, but were not given Licence under the said Regulation were required to appear in the examination and qualify the same under Regulation 8 of CHALR, 2004 in respect of additional subjects as provided in Notification No.30/2010-Customs (NT) dated 8.4.2010. The persons who qualify in the aforesaid examination shall be deemed to have passed under regulation 8 of the CHALR, 2004 and would be considered for grant of CHA licence in terms of regulation 9 of the CHALR, 2004.
Board has received references from trade and industry highlighting difficulties being faced in clearance of imported substances listed in Schedule 3 of the Insecticides Act, 1968 that are meant for non-insecticidal purposes. Reportedly, on account of varying interpretations of the relevant legal provisions, the Custom Houses are adopting different practices which are adversely impacting the smooth clearances of such items being imported for non-insecticidal use.
The Reserve Bank of India has decided to put on its website on a monthly basis from July 2011 onwards the outflows on account of Overseas Direct Investment by Indian Companies / Parties as reported by the Authorized Dealers in Form ODI. The report will consist of the following fields, viz., the name of the Indian Company / Party, name of the Joint Venture / Wholly Owned Subsidiary (JV / WOS), name of the country where the investment is made, major activity of the JV / WOS, financial commitment of the parent company in the JV / WOS comprising equity, loan and guarantee issued in USD million. The data in respect of previous period from July 2007 till May 2011 is also being released.
NSDL on its website on 21/06/2011 posted a message by which it asked to Quote updated e-mail ID and contact details including mobile no. in our Quarterly TDS/TCS statement so that it can send updates on developments/ changes at TIN on our email address and via sms on our mobile phone.
