Under pressure from India and other countries for sharing account details of suspected tax offenders, Swiss banks have said any information exchange would be according to the conditions set out by the Organisation for Economic Cooperation and Development (OECD), the grouping of mostly developed nations.
One of the most challenging issues in TP is the taxation of income from intangible property. The issues may arise in several contexts, such as the appropriate royalty to be charged to a licensee of intangibles or the appropriate inter-company transfer price for goods manufactured and sold to a controlled distributor when the manufacturer owns the trademark for the finished goods in the distributor’s jurisdiction. The OECD has also recently announced that it is considering starting a new project on the TP aspects of intangibles that could result in a revision to the existing guidelines.
Attention is invited to Board Circular No.26/2010-Customs dated 9.08.2010 wherein it was clarified that benefit under the Notification No.13/2010- Customs for import of specified goods for Commonwealth Games, 2010 will not be extended to vendors/ sub vendors/ Contractors appointed by Organising Committee of the Commonwealth Games, (OC, CWG) 2010.
Direct Tax Code (DTC) Bill introduced in Lok Sabha on Monday, August 30,2010 by Finance Minister Mr. Pranab Mukherjee, Will now be applicable from April 1, 2012 instead of earlier proposed date April 1,2011. This bill comparatively offers lower benefits as compared to the original bill. Download DTC Bill 2010 Highlights of DTC are as […]
References have been received from the Trade and Field formations seeking a clarification whether Anti Dumping Duty under the Notification No.15/2007-Customs dated 20.02.2007 is applicable to Spandex Yarn (Elastomeric yarn). Although the description ‘elastomeric yarn’ is not specified in the above said notification, doubts have been expressed since the Tariff Item 5402 44 00 is mentioned therein.
In exercise of the powers conferred by sub-section (1) of section 29B of the Industries (Development and Regulation) Act, 1951 (65 of 1951), the Central Government, after considering the recommendations made to it by the Advisory Committee, hereby directs that the following further amendment shall be made in the notification of the Government of India in the erstwhile Ministry of Industry (Department of Industrial Development) number S.O. 477(E), dated 25 July, 1991,
Whereas, the designated authority, vide its notification No. 15/34/2008-DGAD, dated 6th July, 2009 published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the 7th July, 2009, had initiated sunset review in the matter of continuation of anti-dumping on imports of Acrylic Fibre
With immediate effect, following para shall be added at the end of para 2 below Sl. No. 2.10 of Notification No. 56 /2009-2014 dated 06.08.2010:-The above quantity of 2 lakh tones of wheat to Bangladesh will be exported by the PSUs of Department of Commerce viz. M/s. STC and M/s. PEC Ltd. as follows:
The PSUs would lift the quantities of rice from the Central Pool and export on CIF basis as requested by the Government of Bangladesh. This would entail additional costs on account of freight, insurance etc. which will be borne by the Government of Bangladesh.
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14 and Paragraph 1.1 of the Handbook of Procedures (Vol. I) (2009-14), the Director General of Foreign Trade hereby adds one new SION as A- for the export products “Propylene” in the Hand Book of procedures (Vol.II) as updated on 31st May, 2009 and amended thereafter from time to time, at appropriate place as mentioned in Annexure “A” to this Public Notice.
