The Budget theme of Transform, Energise and Clean India (TEC) aims to address issues with several core areas such as rural growth, poverty alleviation, infrastructure development and corruption while showing the government’s commitment towards prudent fiscal management and tax administration. The Finance Minister has done an exceptional job in maintaining the fiscal deficit at 3.2% of the GDP despite increased spending on the rural economy and infrastructure developments to spur economic growth in the backdrop of demonetisation.
We are pleased to present the February issue of SKP Global Updates – our newsletter that covers employment, payroll, Goods and Services Tax (GST)/Value Added Tax (VAT) and corporate tax related developments globally. The key highlights of this issue include the amendment in the Argentina Tax Regime, Budget highlights of the Northwest Territories and New Brunswick in Canada, extension of three years for Identification of Disability form in USA, details regarding the introduction of Value Added Tax (VAT) in the United Arab Emirates (UAE), introduction of tax reforms in the Philippines and Denmark’s Budget highlights.
In a recent case, the Bangalore Tribunal has ruled that payments made to a non-resident entity towards the cost of employees seconded by it to an Indian entity qualifies as Fees for Technical Services (FTS) and attracts tax in India. A secondment agreement is typically used when a person is deputed to another country for some duration and his salary is paid by...