India's Income Tax department has frozen Cognizant Technology Solutions Corp's bank accounts and deposits in Chennai and Mumbai for allegedly evading a dividend distribution tax (DDT), according to a report on Tuesday.
“Our corporate tax rate was, up until December 22, the highest in the developed world at 35%,” he says, pointing to the ‘why’ companies will look at the US differently now.
The double taxation avoidance pact will stimulate flow of investment, technology and personnel from India to Hong Kong and vice versa, and prevent tax evasion
The MPFA applauds the plan, according to Cheng Yan-chee, its chief corporate affairs & executive director.
National Assembly delegate Truong Trong Nghia said: “We should not impose a personal income tax on civil servants who fail to provide valid explanations for their assets, because the tax would only be levied on their legal incomes.”
If the jurisdiction in which the individual performs the services maintains a DTA with Hong Kong, the taxpayer can opt to claim a foreign tax credit (FTC) on the income instead of taking the exclusion.
"This bill is a good start, but we think we need to go further - in particular in addressing tax avoidance from the likes of Google and others without a taxable presence in New Zealand," Mr Huggard said today.
KPMG will sell the business to OneVue, which said that the acuqisition will double its scale, funds under administration and super member administration revenues.
At the time, the company said that in order to prevent similar pricing errors in the future, shareholders should expect an increase in staff expenses as part of increasing resources in operational, risk and compliance roles.