GIRISH VANVARI
Foreign investors worried over new Mauritius tax angle on PE funds
According to a private ruling by MRA, investment vehicles in Mauritius, used by global investors to enter India, will have to pay tax in Mauritius on 'capital gains' they receive from a PE or debt fund in India when the latter exits an investment.
Budget 2022: Firms want FM to pave way for foreign listing
This change, if carried out in the upcoming budget, will also give a push to fund raising through special purpose acquisition companies or SPAC, as currently, Indian companies can't get listed on foreign exchanges directly or through an amalgamation or a merger if they aren't listed on domestic stock exchanges.
India Inc seeks resolution of other retro tax issues
The companies are seeking that the government relooks at changes made in tax laws that resulted in tax demands retrospectively and led to litigation. This includes a major change made in this year's budget, tax experts said.
Retro tax: Government seeks legal view if assurances by companies are binding
The government has reached out to some legal experts on the issue, said people aware of the development. The government has still not come up with precise rules and procedures for seeking refunds, or how, in which form should the undertaking be sought from companies.
Retrospective tax: Govt to put safeguards in place to avoid another Cairn
The govt is trying to make sure that settlement arrangements align properly with international laws. A leading tax expert said the wording of the undertaking will need to be seen from the perspective of international rules to ensure that all scope for any future dispute is nipped in the bud.
Retro tax: Tata Group, Sanofi Aventis among five firms looking to end litigation, arbitration with Centre
A clutch of large companies, including Sanofi Aventis, Mitsui & Co, WNS, Genpact and the Tata Group, are looking to settle lawsuits or arbitration proceedings against the government after it recently moved to nullify a 2012 retrospective tax amendment.
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Taxing trouble for M&A special purpose vehicles
Almost all large deals in 2020 and 2021, where private equity or other strategic investors picked up stakes, were structured using a special purpose vehicle (SPV) to securitise assets in a separate company, say industry trackers. The new regulations by CBDT mandate that companies value the transferred assets at a “fair market value.”
Tax on partnership firms: Budget change to put real estate, infrastructure consultancy firms in a fix
After these assets appreciated, they would bring in a new partner and old partners would exit or retire from the partnership after taking back their ‘appreciated capital’.
Several mid-scale companies reach out to advisors following proposed changes in liquidation process
Many of these companies want to try and revive their company as against letting it go under liquidation, say industry trackers. The IBBI has proposed that companies applying for voluntary liquidation will be able to withdraw from the process at any time.
Fearing taxman, many companies are getting tax planning done before raising funds abroad
The possibilities include listing some of their Indian entities or creating a holding structure outside India. These companies and their tax consultants are studying ways to minimise their tax outgo, experts said.
Mumbai NCLT on its way to clear all pending scheme matters
When the special bench had commenced hearing, about 350 cases were pending out of which over 200 have been disposed of already, and by the June end, all the pending cases are expected to disposed of, lawyers and consultants appearing in such matters, said.
Govt may halve dividend income tax rate for big local investors
Foreign companies, on the other hand, would have to pay anywhere around 5% to 15% tax on dividends depending on the tax treaty that India has with the country from where the investment is routed.
Companies send SOS to tax and audit experts for Vivad se Vishwas scheme
Disputes are resolved by paying outstanding taxes while getting a waiver of interests and penalties.
Vivaad se Vishwas gives chance to slay demonetisation demons
Vivaad se Vishwas scheme looks like a blessing for those who came under scrutiny following demonetisation.
MNCs scrutinising tax treaties to gauge DDT outgo
Many are trying to find out if the status of most favoured nation would lead to additional benefits.
Merger deals via share swaps come under taxman’s lens
Under accounting rules, goodwill is an intangible asset and depreciates after a merger or acquisition. It is typically written off within a few years after a transaction, leading to a lower tax outgo for the merged entity. As per current tax laws, cos can claim up to 25% depreciation on goodwill every year. When a co takes depreciation on an asset.
Budget proposes 'Vivad se Vishwas' scheme to cut down direct tax litigation
Currently, there are 4.83 lakh direct tax cases pending in various appellate forums -- Commissioner (Appeals), Income Tax Appellate Tribunal (ITAT), High Court and Supreme Court. Under the proposed scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty provided he pays by March 31, 2020.
Ex-KPMG tax head Vanvari sets up advisory firm
Girish Vanvari, has set-up a boutique tax, regulatory and business advisory firm, Transaction Square, to cater to the needs of entrepreneurs, family houses, multinationals, among others.
India ups fight on tax-treaty abuse
Countries are taking steps to prevent such abuse by amending domestic tax provisions or by joining hands with global organisations.
Budget 2017: Key expectations of the Information Technology sector
India Inc therefore expects the focus of the Union Budget 2017-18 (Budget 2017-18) to be more on enhancing digital literacy, improved connectivity and access to technology.
Elections at KPMG India for the second time in a year after CEO Richard Rekhy announced retirement
Rekhy was re-elected unopposed for 4 years but last month a big exodus from the advisory team and a partner coup led to circumstances that ultimately ended in Rekhy’s removal.
Claiming credit in India for taxes paid overseas becomes easier
The earlier draft rules, issued in April, had excluded disputed foreign taxes from the ambit of FTC. Now credit can be claimed in respect of disputed foreign taxes.
Budget 2016, is it much Ado about nothing?
Propelling the economy is a combination of three things viz. monetary policy, regulatory reforms and fiscal policies.
Budget 2016 needs to focus on simplifying tax regulations: Girish Vanvari, Head of Tax, KPMG
We can expect a reduction in the corporate tax base rate of 30%. Earlier, the government had proposed to phase out the profit-linked incentives from April 2017.
Budget 2015: Smooth GST rollout crucial for future reforms, says Girish Vanvari
"The reduction in the corporate tax rate from 30% to 25% over the next four years starting from financial year 2016-17 in a phased manner would give India a competitive edge."
Budget 2015 a fine balancing act: Girish Vanvari, KPMG in India
Budget 2015 comes in the backdrop of strong domestic macroeconomic fundamentals and soaring expectations, said Vanvari.
Budget 2015: Convergence of indirect tax laws into GST important for Make in India success
Convergence of the various indirect tax laws into GST would play an important role for the success of the Make in India plan.
Budget 2014: Move for no more retrospective amendments welcome, says Girish Vanvari
"Commitment to no more retrospective amendments and a stable tax regime is a much needed welcome move to bolster investor confidence"
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