According to Swiss Tax Conference, Swiss tax system’s development is historical in nature rather than a rational or theoretical one. A humbling statement of the noble body, indeed. With Federal tax administration, 26 Cantons and 2,250 communes venturing to have a pie in the tax collections of the great nation, mostly known in history for its beauty, great role in world wars and its cheese, liquor or beautiful cows, Switzerland, obtained its tax system in Helvetic period (1798 -1803).
RBI, Master Directions – 2017 – NBFC – Peer to Peer Lending Platform – exciting technological innovation Anxiously awaited, RBI directions on peer to peer lending platform was issued on October 4, 2017 and let us understand it from a layman’s point of view. It is essential to view the directions as issued by RBI […]
The Ministry of Corporate Affairs, Government of India vide its communication dated August 11,2017 had requested suggestions/comments on the proposed changes in respect of above rules, last issued titled Companies (cost records and audit) Amendment Rules, 2014 Though the last date of submission of suggestions has already lapsed, the writer wants to draw the attention of cost accountants/chartered accountants and company secretaries on the proposed changes which is intended to be disruptive in nature and provoke new thinking.
Not a day passes without reference to fictitious accounts opened for diverting funds either for income tax purposes or laundering of funds. Interestingly, many of these accounts carry the solemn auditor’s fairness opinion on the financial statements. It was a meeting of Chartered Accountants, some of them must be leading, judging by the Toyotas, Hondas or BMWs parked at the gate of the conference. I was in attendance there. Sophisticatedly called “Transfer Pricing” one of the speakers made salient features of various ways of assessing the cost involved between two countries experts’ services, expert fees, boarding, lodging etc. and also casually concluded by mentioning some money to be paid to the tax authority to get the cases cleared. Wow! Since long our Chartered Accountants have become commission agents, a remark jokingly or seriously made by a government official
On August 19, 2017, Mr. Urjit Patel, Governor, RBI spoke on the inaugural session of the National Conference on Insolvency and Bankruptcy: Changing Paradigm, Mumbai, and emphatically mentioned the present precarious position of the Balance Sheet of the banks in India and the efforts of RBI, Ministry of Finance as well the banks themselves towards finding a resolution of the huge stressed assets of the banks. His speech appears in RBI website as per the given link. Those interested can read the original speech but to simplify the speech for an average reader, I have extensively quoted along with my observations. It is intended to understand the present financial position of the banks better.
R B I – Report of the Household Finance Committee: Some fun with your assets and liabilities as compared to the developed countries When my nephews and nieces, all well placed in life, when we got together recently, were involved in a heated exchange of the assets and liabilities position of an individual of India […]
What is a S Corporation? Quoting directly from irs.gov, our well known American federal government website for income tax purposes, “S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.”
When the Indian Prime Minister visited Israel recently and eulogies were written about Israel, my thought process needed more research on the tax aspect of Israel Vis – a – Vis U S taxation since both have been intertwined since its creation and a large number of Israelis do have twin citizenship from both the countries. For an Indian professional, it is important to know the current tax system in Israel so that when he would visit it as an expert engineer, scientist, capitalist or collaborator on defense projects, he is well prepared for his asset/wealth/income creation. It is not unusual to compare Indian brain with the best ones from Israel since both stimulate curious queries from others about their brilliance though both have no comparison in any other thing except their glorious civilizations.
During my recent visit to Southern India, particularly, Tamil Nadu, my family doctor having many covenanted degrees in Medicine from Canada, mentioned about the high income/other tax rates in Canada and also their social commitments to take extra care of the welfare of their citizen.
1. What are my responsibilities as a green card holder if I have been absent from the United States for a long period of time? 2. I was a long-term resident of the United States prior to surrendering my green card. What is my U.S. tax filing obligation?
