tax webcast union budget 2017

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Cross-border mergers in Asia Pacific: Steering towards the future

Date: 19 December 2018

Time: 11:30 a.m. - 12:30 p.m.

US trade policies have created an impact on the Asia Pacific region. From implementation of the Wassenaar Agreement to the release of a second tranche of list of goods subject to additional import tariffs. Transformational changes to trade policies have created a stir in various sectors such as export of automobiles, steel based products, etc. These changes have the ability to alter the geographical supply chain of products from one region to another. How the trade policies implemented by the US will be reciprocated by the countries in Asia Pacific? We'll discuss

  • Cross imposition of import tariff on US origin goods.
  • Shift of supply chain from one country to another country.
  • Impact on manufacturing operations of business impacted by such tariff fluctuations.

Stay updated on the transformation impact of the US trade policies on various countries and the reciprocating trade measures taken by the effected countries.

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Cross-border mergers in Asia Pacific: Steering towards the future

Date: 29 November

The Ministry of Corporate Affairs and Central Bank of India have rolled out rules to permit cross-border inbound and outbound mergers between Indian companies and foreign companies. This is expected to boost foreign investment in India. Further, it is a move that government has taken to showcase itself as an investment friendly jurisdiction. These regulations enable MNCs to look for business consolidation across the globe and enable Indian businesses to consider expanding their wings in the overseas market with more ease. We'll discuss:

  • An overview of the rules and how does this impact Indian and foreign companies.
  • What are the new avenues and potential limitations?
  • The tax issues and interplay with overseas laws.
  • Practical case studies.

Learn about the important developments on the cross-border mergers in Asia Pacific and how they may affect your organization.

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Profit split method: New OECD guidance and practical applications

Date: 27 November

The OECD BEPS reforms have increased the scrutiny of transfer pricing outcomes on a global basis. Relying solely on a one-sided transfer pricing analysis may no longer be sufficient in many jurisdictions. Consequently, the profit split method is likely to be used more often to set and review transfer pricing arrangements. The OECD has recently released further detailed guidance on the application of the transactional profit split method. During the webcast, we'll discuss:

  • Revised OECD and local country guidance on the application of the profit split method.
  • Identifying and accounting for intangible assets and contributions.
  • Potential data sources and issues involved in practical application.
  • Best practices, key experiences, and case studies.

Join us to keep abreast of the developments in this important area of transfer pricing.

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Tax rulings and social security agreements: Shifting sands for India inbound moves

Date: 20 November

Investment into India is increasingly a priority for many MNCs given that India is moving up the scale on "Ease of Doing Business". A natural consequence of this will be the transfer of more senior level executives to India which will create increased compliance requirements with regard to tax and social security obligations.

Digitization of compliance, enhanced data mining, closer connectivity between immigration, tax, and social security authorities, have all allowed the Indian authorities to better detect instances of non-compliance and to assess tax liabilities. Monitoring compliance, tracking defaulters, and levying real time penalty is an extremely robust process in India.

A significant focus area for MNCs will be in meeting the tax and social security obligations for senior employees transferred to India, managing risk with regard to a Permanent Establishment (PE) exposure, and having robust documentation to support secondment arrangements. The importance of documentation right from the assignment to repatriation stage cannot be overemphasized. We'll discuss:

  • An overview of the compliance framework.
  • The common challenges faced by companies seconding personnel to India.
  • Practical case studies.
  • Potential pitfalls that need to be avoided from a PE exposure perspective.
  • The right approach to leverage on tax and social security costs.

Gain insights on the significant recent developments concerning tax rulings and social security agreements in India.

 

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Recent Karnataka High Court (“KHC") ruling in Softbrands case on admissibility of Transfer Pricing matters: Critical analysis and insights | 12 July 2018

The pendency of tax matters especially the Transfer Pricing cases have increased significantly in the recent times. It is learnt that more than 3,500 Transfer Pricing cases are pending at the KHC, with the first admitted Transfer Pricing case pending for final hearing for over 9 years now.

With the view to reduce the pendency of tax matters before the KHC, a dedicated tax Bench was constituted in June 2018 with Justice Mr Vineet Kothari and Justice Ms Sujatha.  The KHC, after an elaborate hearing of over 3 days, has delivered a landmark judgement in relation to admissibility of Transfer Pricing cases, specifically on whether the questions on comparability analysis of companies and filters to be adopted for the benchmarking exercise, would constitute a ‘Substantial Question of Law’ so as to be admitted by the HC.

The discussion covers:

  • Detailed analysis of the KHC ruling
  • Observations and impact analysis

The ruling has widespread ramifications for transfer pricing cases, in particular, and tax cases in general, where Tribunal has delivered their decisions. 

Prosecution for Income-tax offences: Steep rise in complaints and convictions | 9 May 2018

A threefold increase in the number of prosecution complaints has occurred only in the first eight months of FY 2017-18. Until November 2017 a total of 2225 prosecution cases have been filed by the Department as against 784 filed in entire FY 2016-17. In the zeal of achieving tax recovery targets and tackling the black money menace, department is issuing prosecution notices for non-compliances like non-filing of returns, non-payment of taxes, etc.

The discussion covered:

  • procedure under tax laws for prosecution and defences
  • practical cases on mitigating prosecution

The approach of treating income tax offences on par and as grave as economic offences has widespread ramifications.
It is better to be updated and ready than react when prosecution notices arrive.

Union Budget 2018: Key highlights | 1 February 2018

Union Budget 2018 will be presented on 1 February 2018. The last fiscal year witnessed a slew of reforms on the tax and regulatory front. With the current government entering its penultimate year, the trend is set to continue.

Goods and Services Tax (GST) regime in India was implemented in July 2017. The release of the final rules on country-by-country reporting and master file requirements in India are significantly aligned with BEPS Action 13 guidance, reflecting India's commitment to global consistency.

GST, Real Estate Regulation Act, demonetization, bankruptcy code, recapitalization of bonds of public sector banks, and relaxation of foreign direct investment norms are challenging old practices and transforming the way India is doing business.

In these times of massive reforms, interest is further mounting to see what’s next on the cards. What economic reforms will the budget bring? How will it affect the business landscape in India?

 

Union Budget 2018: Detailed analysis and insights | 2 February 2018

Union Budget 2018 will be presented on 1 February 2018. The last fiscal year witnessed a slew of reforms on the tax and regulatory front. With the current government entering its penultimate year, the trend is set to continue.

Goods and Services Tax (GST) regime in India was implemented in July 2017. The release of the final rules on country-by-country reporting and master file requirements in India are significantly aligned with BEPS Action 13 guidance, reflecting India's commitment to global consistency.

GST, Real Estate Regulation Act, demonetization, bankruptcy code, recapitalization of bonds of public sector banks, and relaxation of foreign direct investment norms are challenging old practices and transforming the way India is doing business.

In these times of massive reforms, interest is further mounting to see what’s next on the cards. What economic reforms will the budget bring? How will it affect the business landscape in India?

 

India releases draft rules on Country-by-Country reporting and Master File for public consultation | 12 October 2017

The Central Board of Direct Taxes (“CBDT”) on 6 October 2017 released draft rules in respect of CbC reporting and Master File related requirements in India, for public consultation. The draft rules provide detailed instructions for compliance with these requirements and are open for public comments till 16 October 2017. 

Topics discussed:

  • Provisions relating to Master File
  • Provisions relating to CbC reporting
  • Impact on Indian Multinational Enterprises (MNEs)
  • Impact on MNEs headquartered outside India
  • Key suggestions/recommendations on the draft rules 

 

BEPS – India spotlight | 26 September 2017

India has been one of the active members of the OECD’s BEPS initiative and as part of international consensus, India has successfully implemented various BEPS Actions Plans to address the BEPS issues.

Our discussion will cover:

  • Multilateral convention to implement tax treaty related measures to prevent BEPS
  • Other key issues - MNCs with Indian operations will also be impacted by other changes such as interest deductions for related party debt and changes to the definition of permanent establishment.
  • Treaty abuse
  • Aligning transfer pricing outcomes with value creation.
  • Three tier transfer pricing documentation.

 

Permanent Establishment and Transfer Pricing audits | 30 August 2017

Controversy around existence of permanent establishment keeps on resurfacing. The Supreme Court in a recent decision in Formula One World Championship Ltd. has laid down guiding principles for qualifying as a Permanent Establishment (PE) in India, attribution of income and withholding tax. This decision is of considerable importance in the field of furthering international tax jurisprudence.
With the emergence of new safe harbour rules, CBC reporting, risk based scrutiny and BEPS, the manner of TP scrutiny assessments will undergo a change. Recent litigation also suggests a change in the trend and focus of the tax authorities.

Topics covered in discussion:

  • Decision of the Supreme Court in Formula One World Championship Ltd v. CIT (394 ITR 80)
  • Changing scenario of transfer pricing litigation in India in the light of revised Safe Harbour Rules, impact of BEPS especially CbC reporting and risk based assessments. 
  • Some recent rulings and litigation trends in the field of Transfer Pricing.

US Tax Reforms and what they mean for India | 18 July 2017

Tax reform still looms large in Washington. The White House and congressional Republicans maintain their commitment to enacting comprehensive tax reform by the end of this year. But consensus is still lacking as to what a reformed tax code should look like.

Following topics were discussed:

  • Proposed corporate and individual rate changes—and base broadeners—in the major tax reform plans that have been released to date. These include disallowance for imports and exemption for exports, accelerated depreciation, restriction on R&D credits, tax rate changes etc.;
  • Conditions that could hasten or hinder action on tax reform this year;
  • Procedural options available to lawmakers in the pursuit of tax reform legislation; and
  • Impact of these proposals from an Indian perspective. 

Tax Litigation in India- Changing Landscape | 27 April 2017

In India courts have played crucial role in the development of jurisprudence. Many a time conceptual issues have been settled by the courts. The decisions of tax tribunals and courts have provided clarity on legal issues and on interpretation of facts not only for the Indian taxpayers, counsels and tax authorities but also to those in other countries. The landmark decisions of the Indian courts are quoted in tax journals across the world as well as by courts in other countries. Courts in India are alive to developments in other countries and draw strength for reaching decisions. The decisions by the courts provide much needed resolution from litigation to taxpayers. Fortunately the tax department has been taking steps to reduce litigation.

Following topics were discussed:

  • Some recent landmark decisions on International Taxation;
  • Some recent landmark decisions on Transfer Pricing;
  • Important lessons from the above decisions; 
  • Recent steps by the tax department to reduce litigation;
  • Proposed change in penalty provisions – the ramifications.
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