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Transfer Pricing Alert
Introduction The General Authority of Zakat and Tax (‘GAZT’) of the Kingdom of Saudi Arabia (‘KSA’) issued final Transfer Pricing Bylaws (‘TP Bylaws’) in February 2019 followed by the release of the first edition of the Transfer Pricing Guidelines (‘TP guidelines’) in March 2019. The TP Bylaws were made applicable from the fiscal year ending […]
Latest Amendments in GST
There have been certain relaxations/ amendments keeping in view the difficulties faced by the tax payers due to Covid-19 lockdown. Brief summary of the same is given here as under: 1. Reduction/Waive off in late fees for past returns Late fees for non-furnishing form GSTR-3B for the tax period from July 2017-January 2020 has […]
Extension in time limits under Direct Tax
The Central Board of Direct Taxes (CBDT) has further extended time limits under direct tax and Benami laws in view of major compliance relief for taxpayers impacted by the disruption due to COVID-19. The extension of various time limits was issued vide Notification no. 35/2020 [S.O. 2033(E)] dated 24th June 2020. The said notification shall […]
Recent Amendment – Equalization Levy
1. Background for introduction of Equalisation Levy There was a growing distress among many countries that taxes were being avoided by multinational entities (MNEs) from economies where they derive profits. As a result, the Organisation for Economic Co-operation and Development (OECD) and G20 countries embarked on a journey – “Base Erosion and Profit Shifting” (BEPS) […]
