OECD articles

Solving The Dilemma of Dual Residence

This paper aims at analysing the tie-breaker test in determining residence in the OECD as prescribed under Article 4(3) and how it is evolved. It analyses the 2017 update to the OECD which prescribes the Mutual Agreement Procedure (MAP). The paper finally provides a method of properly implementing MAP and how it can be effectively done so...

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Posted Under: Income Tax |

Income Tax Updates for May 2019

NEWS DIRECT TAX 1. CBDT notifies TIEA between India-Marshall Islands. [Notification no 40/2019/F.No. 503/1/2018-FT & TR– IV] 2. Form 15H can be furnished if no tax payable on income after sec. 87A rebate. [Notification No. 41/2019/F. No. 370142/5/2019-TPL] 3. CBDT releases draft notification proposing new audit report Form for Trust...

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Posted Under: Income Tax |

Curbing the Intangible Shenanigan – Hard to value Intangibles

Anurag Agrawal Introduction Over several decades and in step with the globalisation of the economy, intra group transactions have grown exponentially world-wide especially related to intangible assets. The word “intangible asset” is intended to address something which is not a physical asset or a financial asset, which is capable of b...

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Posted Under: Income Tax |

Thin Capitalization – Section 94B

India has time and again shown its commitment to BEPS initiative of the OECD and introduced several reforms in domestic tax legislation to plug loopholes, strengthen information sharing between the contracting states and prevent double non-taxation. In line with its commitment, vide Finance Act 2017; the government has introduced measures...

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Posted Under: Income Tax |

Overview of Multilateral Instrument (MLI)

‘Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting’ (MLI for short) is the official title of the multilateral treaty framework that aims to prevent BEPS. Base erosion and profit shifting (BEPS) refers to artificially shifting profits to low or no-tax locations where there is l...

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Posted Under: Income Tax |

Thin Capitalisation introduced under Income-tax with FAQs

In order to curb structuring by the multinational group Companies having their presence through subsidiaries/ associate companies or permanent establishments in India, the Finance Act 2017 introduced a new section 94B under the Income-tax Act, 1961 (the Act), in line with the recommendations of OECD BEPS Action Plan 4...

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Posted Under: Income Tax |

Country by Country Reporting (CbC Reporting) – India’s Step Forward to OECD’s BEPS Action Plans

The OECD report on Action Plan 13 of BEPS Action plan provides for re-examination of transfer pricing documentation. It also provides for a template for country-by-country reporting of income, earnings, taxes paid and certain measure of economic activity. ...

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Posted Under: Income Tax |

Domestic Dependent Agency Rules – Parity with MLI standards

The concept of Business connection under the domestic tax laws is akin to concept of PE in international parlance. The term ‘business connection’ includes activities carried on by non-resident through its dependent agents. Presently, a person acting on the behalf of the non-resident by negotiating and concluding contracts, maintaining...

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Posted Under: Income Tax |

Scope of “business connection” with modified PE Rule as per MLI

The OECD under BEPS Action Plan 7 reviewed the definition of 'PE' with a view to preventing avoidance of payment of tax by circumventing the existing PE definition by way of commissionaire arrangements or fragmentation of business activities. ...

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Posted Under: Income Tax |

Transfer Pricing Documentation and Reporting

This article analyses the provisions notified to give effect to the OECD recommendations on three tiered Transfer Pricing documentation, regarding the entities to which the provisions will apply....

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Posted Under: Income Tax |

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