Extension of Know Your Client (KYC) timeline for Foreign Portfolio Investors (FPIs)
Global Tax Update : September 2018 / India
Securities Exchange Board of India (SEBI), the regulator for capital markets in India vide circular dated 10 April 2018 issued the KYC requirements for FPIs.
This newsletter explains the following topics;
- Extension of Know Your Client (KYC) timeline for Foreign Portfolio Investors (FPIs)
- Activities performed by the employees at the corporate office for the units located in the other states shall be treated as supply
- Transitional credit of Krishi Kalyan Cess (KKC) shall not be allowed as input tax credit under GST
- Preparatory work for the purpose of entering into a tender before entering into a contract cannot be relevant for determining Installation-Permanent establishment (PE) threshold period
- CBDT clarifiesthat preferring immunity u/s 270AA is no bar to challenge on same issue in earlier years
* This Article is based on the relevant Japanese or specific country’s tax law and other authorities in effect on the date of this Article. This Article would not be guaranteed updating if there are any changes in Japanese tax law, any other law, or interpretations by the courts or tax authorities thereof after the date of this Article.