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Indian Tax Tribunal holds Revenue's finding on DAPE not cogent, no profit attribution given ALP
The Indian Income Tax Appellate Tribunal (ITAT) holds that no income could be attributed to the alleged dependent agent PE (DAPE) of Adobe-Ireland in India, when the transaction between the Indian AE and foreign party was found to be at arm’s length price.
3 minutes
Parliament Enacts 25% Oil and Gas Profits Levy in Fast-Track Procedure
Taxes are about to get a lot more expensive for British oil and gas producers. On 11 July 2022, the House of Commons voted to impose a 25% additional levy on their profits when it enacted the Energy (Oil and Gas) Profits Levy Bill [Bill 135 of 2022-23], under the fast-track procedure.
2 minutes
12 Key Takeaways from India’s Dept. of Revenue (CBDT) Guidelines on Virtual Digital Assets
India’s Department of Revenue – Central Board of Direct Taxes (CBDT) has issued Guidelines under section 194S i.e. for withholding tax on transfer of Virtual Digital Assets (VDAs), introduced by the Indian Finance Act, 2022 that comes into force on 1 July 2022.
4 minutes