Facing flak over its tax-friendly regime allegedly facilitating the flow of black money, Mauritius has promised full support to India’s quest for unearthing the source and destination of such illicit wealth.At the same time, the Indian Ocean’s island nation has also asserted that it will not allow any “sensational fishing expedition” and has taken strong exception to its name being linked to each and every financial scandal.
The government may miss the target of garnering Rs 40,000 crore through disinvestment as SAIL’s follow-on public offer is now expected to hit the market in the next fiscal due to volatile stock market.”No, no… we will wait. There is very less time left in this fiscal. We are looking at market conditions,” Steel Minister Beni Prasad Verma said when asked whether SAIL FPO would hit the market before March 31.
Market experts are pitching for clarity in tax on long-term gains under the proposed DTC, a clear timeline for rolling out Goods and Services Tax among other key measures in the upcoming 2011-12 budget.Stock markets in February so far have plummeted by over 11 per cent on concerns over high inflation, rising interest rate and, low morale and confidence of the investors due to uncertainty caused by a series of high-profile scams.
As part of its efforts to make it easier for investors to enter the stock market through public issues, Sebi is considering making application forms simpler and shorter for the IPOs. The market regulator is also considering a common IPO application form for both ASBA and non-ASBA investors.
Indian Finance Minister Pranab Mukherjee has said about 500 tax information exchange agreements have been signed between different countries across the globe, a development that will help fight the menace of tax evasion and track ill-gotten money.
The Committee for Digitization of Balance Sheet and Annual Reports filed with MCA through MCA-21, Ministry of Corporate Affairs has proposed to implement e-filing in XBRL Format in phased manner starting from April 2011. In this connection, the Institute is planning to organize one full day Workshop on XBRL for practicing members on March 25, 2011 at ICWAI, 3, Institutional Area, New Delhi-110 003. CEP hours credit would be given as per the rules of the Institute. There is no fee chargeable as course fee for attending the workshop.
The government is considering a simple and streamlined set of norms for all kinds of overseas investments into capital markets, but wants such foreign investors to undergo a stricter scrutiny process. The move could facilitate direct investments by both individual and institutional entities abroad into Indian equity and debt markets, as against the current practice of coming through FIIs, venture capital and private equity funds.
Seeking equal treatment in investment and taxation between overseas and resident Indians, diversified conglomerate Hinduja Group today said amnesty must be given to bring back black money from foreign soil to India.
The government is likely to increase excise duty by 2 per cent in sectors like FMCG and automobiles, as well as raise service tax, in the forthcoming Budget to reduce the fiscal deficit, a report said.
Terming existing corporate laws as complex and not conducive to overseas M&A by domestic firms, CII today asked the government to facilitate such deals by easing regulatory norms to increase the presence of Indian firms in global markets.
