MEDIA & ENTERTAINMENT. Indirect tax issues
|
|
- Allyson Rich
- 7 years ago
- Views:
Transcription
1 MEDIA & ENTERTAINMENT SECTOR Indirect tax issues
2 Indirect Taxes on M&E Industry 2 List of Key Indirect Taxes applicable to Media & Entertainment Industry: Service tax Value Added Tax or VAT (state specific legislation) Entertainment tax Customs duty
3 1 Service tax recent changes
4 Service tax new approach 4 Service Tax changes Completely new approach for levying service tax to substitute the existing framework Over 100 notified taxable entries proposed to be replaced by definition of service and selected few definitions Taxability under Negative list regime to cover all services except those included in negative list or in exemption notification Service defined to mean any activity for consideration carried out by a person for another and includes Declared Services Activity not defined but deemed to be term with connotation and to include active or passive activity
5 Service tax negative list framework 5 Budget Proposal key Inclusions and exclusions Service to exclude: Transfer of title in goods or immovable property by way of sale, gift or any other manner activities constituting deemed sale of goods transactions in money or actionable claim services by employee to employer fees payable to a court or a tribunal Declared services to include : Renting of immovable property Construction services Works contract for moveable and immovable property Temporary transfer of IPRs Information technology software related service Agreeing to refrain from an act including non-compete Agreeing to tolerate an act or a situation Supply of tangible goods without possession
6 Service tax negative list framework 6 Budget Proposal Negative List (Services not liable to tax) List of 17 services to be included in the Negative List Key services under Negative List : Admission to entertainment events or access to amusement facilities Entertainment events to mean event / performance intended for recreation, pastime, fun or enjoyment, by way of exhibition of cinematographic film, circus, concerts, sporting event, pageant, award functions, dance, musical or theatrical performances including drama, ballets or any such event or programme Selling of time and space for advertisements (other than radio/ television) Betting, gaming and lottery Services provided by Government, RBI, local authority Services by way of extending deposits, loans, or advances for interest or discount Services by government Trading, manufacturing Education services
7 Service tax new exemptions 7 Budget Proposal Exempted services 34 exemptions provided Key Exempted services : Services provided by journalists Service by way of training or coaching in recreational activities relating to arts, culture and sports Temporary transfer of copyright to original artistic, musical, literary, dramatic work and cinematograph film Services by performing artists in folk or classical art forms of music, dance, theatre (Excluding as a brand ambassador) Services of player, refree, umpire, coach etc when provided to a recognised sports body Services by way of a sponsorship of events organized by notified sports bodies in India Services by an organizer to any person in relation to an event being held outside India
8 Service tax PoS 8 Place of Provision of Service Rules (PoS) PoS to be notified for determination of place of provision of service or place where the services have been agreed to be provided Depending upon nature of service, PoS to be generally linked to Location of service recipient Other services linked to Place of any immovable property Place of performance of service Place of event PoS for these services provided at more than one location location of such taxable territory from where the greatest proportion of service provided PoS Rules to apply on services provided inside the taxable territory irrespective of location of service provider and recipient
9 2 Issues in various Industries covered Film Industry Print Industry Broadcasting Advertising Agency Sports
10 3 Film Industry
11 Films Multiplicity of taxes Producer/Film Production Company Transfer of Distribution Rights Transfer of Rights to Exhibit movie Distributors Service Tax 1, Vat 2 and Stamp duty 3 Service Tax 1, Vat 2 and Stamp duty 3 Exhibitors/Theatre Owners 1. Service tax on the temporary transfer/ granting right to use in the intangibles such as Copyright 2. Granting of rights in the film is considered to be licensing of Intangibles and is sought to be imposed with VAT 3. Stamp Duty at 0.5% under the Bombay Stamp Act is leviable on performances, distribution of films, assignment of copyrights etc 4. Entertainment tax is levied on the ticket value charged to viewers Exhibits movie to Viewers Entertainment Tax 4 Viewers
12 Film Industry Impact of Multiplicity 12 Producer s share a mere 18% of box office collection: Box office collection Rs 100 Exhibitor s share (assumed at 55% on average) Rs 38 Distributor s share and marketing costs Rs 8 Taxes Entertainment tax (at 45% in Maharashtra) Rs 31 Service tax Rs 3 Total VAT exposure in supply chain (in Maharashta) Nil Stamp Duty and other tax cascading in the supply chain Rs 2 Tax burden (200% of Producers revenue) Rs 36 Balance gross revenue of producer Rs 18 Low profitability to Film producers!
13 Films Current Scenario (service tax) 13 Appointment of Director, actors, music directors, lyricists etc Theatrical distribution/ exhibition (in appeal before High Court) Non - Taxable Taxable Inputs Producer/Film Production Company Output Taxable Taxable Music studios, post production studios, marketing agents (charge service tax) Non-theatrical distribution (satellite, internet, music etc)
14 Films New Scenario (service tax) 14 Appointment of Director, actors, music directors, lyricists etc Theatrical distribution/ exhibition Taxable Non-taxable Inputs Producer/Film Production Company Output Taxable Non-taxable Music studios, post production studios, marketing agents (charge service tax) Non-theatrical distribution (satellite, internet, music etc)
15 Film Industry VAT on Theatrical Distribution 15 VAT on Theatrical Distribution Rights Film Right owners license Theatrical Distribution Rights to distributors, distributors further license the rights to sub distributors / theatre owners Transferring right to use in copyright liable to VAT VAT charged by distributor not available as credit to the theater owner against its entertainment tax liability Credit of VAT charged by state government not available as credit against Entertainment tax levied by same state government This leads to cascading effect of tax and accordingly carries additional cost burden in the supply chain
16 2 Print Industry
17 Print Industry Should be taxed? 17 It was also proposed to levy service tax under the Negative List framework However, advertising in media other than radio and television is included in the negative list and hence exempt from levy of service tax Additional cost to print media Amount received from sale of advertisement space in print media exempt from payment of service tax The service tax legislation defines print media to mean Newspaper and Book (not including business directories, yellow pages, trade catalogues for commercial purpose) No service tax liability on the print media organizations for the advertising revenue earned
18 3 Broadcasting
19 Broadcasting - Key Indirect Tax Issues 19 Syndication is sale or temporary transfer of right to use by the Licensor/Seller to Licensee/Purchaser to broadcast Television shows, Cinematographic films, etc. Temporary transfer of Copyright in Cinematographic films and Music is liable to service tax under Copyright Services Intangibles such as Trademarks, Copyrights have been considered to be goods under VAT legislations and hence their transfer is liable to VAT Under Proposed Negative List Framework: Trading of Goods in the Negative List and hence not liable to tax Temporary transfer or permitting use or enjoyment of Copyright in clause (a) and (b) of section 13 of Copyright act, 1957 covered under exempted services and may not be liable to Service tax. This may entail heavy reversals of Cenvat credit under Cenvat credit rules
20 Broadcasting Taxability of foreign channels Under current service tax regime foreign broadcaster s agent pays service tax in capacity of deemed broadcaster Thus, while the Indian agent earns only a fraction of advertisement and distribution revenue, entire amount was subjected to tax Broadcasting agents are registered for service tax and discharging full tax liability No such provision exists in negative list regime No clarity on whether Indian agents liable to pay tax on entire amount? If Indian agent not made taxable, advertisers or channel distributors will have to pay tax on reverse charge Additional tax compliance on customers may influence decision making in favour of Indian broadcasters
21 4 Advertising Agency
22 Advertising Agency - Key Indirect Tax Issues 22 Under Negative List framework: Sale of Space and Time on Radio and Television are not included in Negative List and shall be liable to Service tax Sale of space/time for advertisement on non conventional media such as Hoardings, Neon boards, Bill boards, Print, etc included in the Negative List and hence shall not be liable to Service tax Until now, agency commission earned by advertising agency labile to service tax under the category of Advertising agency service; Under Negative list framework it shall still be liable to tax Issue in relation to Cenvat Credit : Sale of Space and Time other than on Radio and Television is included in Negative List, therefore there shall be issues in connection to Cenvat credit
23 Advertising Agency - Volume Discounts 23 Service tax on incentive / volume discount given to Ad agency Advertising agencies are appointed by advertisers to place their advertisements with different media The Agency acts as link between advertiser and media owner for placement of these advertisements Agencies charge commission from Advertisers and pay service tax on the commission Media companies may set targets for ad agencies to achieve could be volume based target or revenue based target On achieving the targets, media companies may provide incentives (termed as volume discounts) to agencies Whether service tax should be paid on such target incentive / volume discounts under BAS? Under Negative List, Service may be Active or Passive, the consideration paid above leviable to Service Tax?
24 5 Sports
25 Sports Difficulty to Conduct event In India 25 Entertainment tax is payable on hosting any event in India Entertainment tax rates are erratic in may States Generally entertainment tax exemptions are not available for international events (football, golf etc) Exemption procedures and compliances vary for each State ATA Carnet benefit only available for exhibition and fairs Internationally, ATA Carnet can be used even for professional equipment and commercial samples Service tax on admission and organising event now taxable if event held in India Many international conferences/ summits held in India managed by foreign companies now taxable
26 Sports IPL (central rights) 26 Service Tax on Central Rights Income for Teams Right to commercially exploit the media rights in a sports event is licensed/leased to broadcaster for a consideration, such consideration received are Central rights/media rights income Applicability of Service tax on share received in Central Rights/Media rights Income by teams participating in the tournament Taxability under negative list unknown?
27 Sports IPL (player fees) 27 Service tax issues on Player Fees Fees is paid to players for participating in sports events and in promotional events for the team and the tournament Service tax authorities seek to levy service tax on the portion of player fees attributable to participate in promotional events Such Service tax to be additional cost Under negative list, service of individuals as a player, referee, umpire, manager etc only organized by recognized sports body is exempted Such individuals working for IPL now liable to service tax Higher input tax credits for IPL teams and hence, higher loses
28 THANK YOU Utkarsh Sanghvi ,
29 Entertainment tax across various states States Entertainment tax on sale of film tickets (%) Andhra Pradesh 25% Bihar 50% Haryana 30% Karnataka 30% Madhya Pradesh 20% Maharashtra 45% Orissa 25% Punjab 0% Rajasthan 0% Tamil Nadu 33.33% West Bengal 30% Uttar Pradesh 67% Kerala 15 to 30% Delhi 30% States such as Punjab and Rajasthan have granted exemption from the levy of Entertainment tax on the all the movies Certain states like Maharashtra, Andhra Pradesh, etc have exempted Regional movies from levy of Entertainment tax Certain states also grant conditional exemption from levy of Entertainment tax to Multiplexes In some state besides entertainment tax, advertisement tax is levied on sale of time slots by theatre owners for showing advertisements on movie screen
INTANGIBLE PROPERTY - INDIRECT TAX PERSPECTIVE
INTANGIBLE PROPERTY - INDIRECT TAX PERSPECTIVE Sagar Shah BDO India CONTENT: Sr No Content 1 Meaning of Intangible Property 2 Types of Intangibles 2 Double trouble for Intangible property 3 Indirect Tax
More informationWorks Contract - VAT and Service Tax Planning By CA S Ranga Swamy Email-ID: rangaswamy_singa@yahoo.co.in Cell Phone No.
Works Contract - and Service Tax Planning By CA S Ranga Swamy Even after about 30 years of 46 th Amendment to the Constitution of India, taxation of Works Contract is a subject matter of interpretations,
More informationName of Service Provider : Tata Teleservices Limited (Broadband Service) Customer Complaints Redressal Report for the Quarter ending - March 2015
ANDHRA PRADESH Details of and of of Customer Complaints Redressal Report for the ending - March 2015 Details of [8] = of Details of during the and of of of to be [12] Details of during the [15] = Billing
More informationGuide on the New Place of Supply of Services Rules
Guide on the New Place of Supply of Services Rules Introduction: The new place of supply of services rules in the VAT Act (Chapter 406 of the Laws of Malta) are transposed from Council Directive 2008/8/EC
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON EVENT MANAGEMENT INDUSTRY
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON EVENT MANAGEMENT INDUSTRY CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 OVERVIEW ON EVENT MANEGEMENT... 1 GST TREATMENT
More informationCHAPTER III THE INCIDENCE, LEVY AND RATE OF TAX. 9. There shall be levied in accordance with the provisions of this Act,
CHAPTER III THE INCIDENCE, LEVY AND RATE OF TAX Charge to tax and incidence. 9. There shall be levied in accordance with the provisions of this Act, (a) a Value Added Tax hereinafter called VAT on the
More information5 Exemptions and Abatements
5 Exemptions and Abatements Question 1 Good Health Medical Centre, a clinical establishment, offers following services: (i) Reiki healing treatments. Such therapy is not a recognized system of medicine
More informationNational Iodine Deficiency Disorders Control Programme
National Iodine Deficiency Disorders Control Programme Introduction Iodine is essential micronutrient with an average daily requirement of 100-150 micrograms for normal human growth and development. There
More informationINDIRECT TAXES. Some of the indirect taxes are:
INDIRECT TAXES Indirect Taxes are the charges levied by the State on consumption, expenditure, privilege, or right but not on income or property. Customs duties levied on imports, excise duties on production,
More informationIDENTIFICATION OF DEALERS
VAT TIN A dealer who is liable to pay tax and whose turnover exceeds the threshold limits as specified, has to apply for VAT registration and after being registered, he will be issued VAT TIN. VAT registration
More informationFilm Financing and Television Programming: A Taxation Guide
Film Financing and Television Now in its seventh edition, KPMG LLP s ( KPMG ) Film Financing and Television (the Guide ) is a fundamental resource for film and television producers, attorneys, tax executives,
More informationRemote Gambling Bill
Remote Gambling Bill Bill No. 23/2014. Read the first time on 8 September 2014. REMOTE GAMBLING ACT 2014 (No. of 2014) Section ARRANGEMENT OF SECTIONS PART 1 PRELIMINARY 1. Short title and commencement
More informationBASIC INFORMATION ABOUT TAX ON DEVELOPERS
BASIC INFORMATION ABOUT TAX ON DEVELOPERS The Government of Maharashtra has amended the definition of Sale under the Maharashtra Value Added Tax Act, 2002 with effect from 20 th June 2006 thereby including
More informationPress Note on Poverty Estimates, 2009-10
Press Note on Poverty Estimates, 2009-10 Government of India Planning Commission March 2012 GOVERNMENT OF INDIA PRESS INFORMATION BUREAU ***** POVERTY ESTIMATES FOR 2009-10 New Delhi, 19 th March, 2012
More informationF.No.341/43/96-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs *****
F.No.341/43/96-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs ***** Instruction Letter ST North Block, New Delhi, Dated, the 31st October,1996. Subject
More informationValue-Added Tax (VAT)
June 2015 MY SMALL BUSINESS Value-Added Tax (VAT) What you need to know www.sars.gov.za 0800 00 7277 Value-Added Tax Value-Added Tax (VAT) is an indirect tax based on consumption of goods and services
More informationTax Compliance for External Income-Generating Activities Appendix C UBI EXAMPLES FROM THE IRS
Tax Compliance for External Income-Generating Activities Appendix C UBI EXAMPLES FROM THE IRS The following are examples of activities that the IRS has determined to be (or not to be) unrelated trades
More informationTheatres and Amusements Act
Theatres and Amusements Act CHAPTER 466 OF THE REVISED STATUTES, 1989 as amended by 2000, c. 28, ss. 99-102; 2001, c. 3, s. 32; 2004, c.17; 2012, c. 8, ss. 20-27; 2014, c. 34, s. 67 2016 Her Majesty the
More informationREVERSE CHARGE MECHANISM
REVERSE CHARGE MECHANISM Contributed by CA. Amit Hariya INTRODUCTION Service tax, being an indirect tax, was conventionally collected and paid to government by only service providers. However there were
More information88. RENTING OF IMMOVABLE PROPERTY SERVICES. (A) Date of Introduction: 01.06.2007 vide Notification No. 23/2007-S.T., dated 22.05.2007.
88. RENTING OF IMMOVABLE PROPERTY SERVICES (A) Date of Introduction: 01.06.2007 vide Notification No. 23/2007-S.T., dated 22.05.2007. (B) Definition and scope of service: Immovable property, for the purpose
More informationSOCIAL BACKGROUND OF OFFICERS IN THE INDIAN ADMINISTRATIVE SERVICE SANTOSH GOYAL
SOCIAL BACKGROUND OF OFFICERS IN THE INDIAN ADMINISTRATIVE SERVICE SANTOSH GOYAL The Indian Administrative Service (IAS) is the highest cadre of the civil services in India and is the successor to the
More informationESTIMATES OF MORTALITY INDICATORS
CHAPTER 4 ESTIMATES OF MORTALITY INDICATORS Mortality is one of the basic components of population change and related data is essential for demographic studies and public health administration. It is the
More informationTypes of Entertainment Products. Media Product Marketing
Types of Entertainment Products Media Product Marketing 2 Chapter Objectives Identify types of entertainment products. Define evergreen products. Describe location-based entertainment (LBE). Explain the
More informationTAXATION OF INCOME FROM PROPERTY TAX YEAR 2013(1 st July 2012 TO 30 th June 2013) (SECTIONS 15, 16, 155 & 169)
(1 st July 2012 TO 30 th June ) (SECTIONS 15, 16, 155 & 169) BASIS OF ATION 1. Income from property is taxable as a separate block of income on gross rental receipts. In Finance Act 2010 words section155
More informationTax Treatment of Contracting States
Protocol to India-Poland DTAA cuts down tax rates: 10% tax on dividend and interest, 15% tax on royalty and FTS October 1, 2014 SECTION 90 OF THE INCOME-TAX ACT, 1961 - DOUBLE TAXATION AGREEMENT - AGREEMENT
More informationInternal Migration and Regional Disparities in India
Internal Migration and Regional Disparities in India Introduction Internal migration is now recognized as an important factor in influencing social and economic development, especially in developing countries.
More informationREPORT ON THE WORKING OF THE WORKMEN S COMPENSATION ACT, 1923 FOR THE YEAR 2009
REPORT ON THE WORKING OF THE WORKMEN S COMPENSATION ACT, 1923 FOR THE YEAR 2009 1. Introduction The Workmen s Compensation Act, 19231923 (Employees Compensation Act w.e.f. 31-5-2010), which aims at providing
More informationESTIMATION OF LIFE EXPECTANCY AT BIRTH
CHAPTER V ESTIMATION OF LIFE EXPECTANCY AT BIRTH 5.1 Introduction Life expectancy at birth (e 0 0) is one of the most preferred indicators in demographic and health analysis. Life expectancy at birth reflects
More informationFUNDRAISING PARTNERSHIPS AND SPONSORSHIPS
FUNDRAISING PARTNERSHIPS AND SPONSORSHIPS Corporate donors support charities in many ways sometimes it is pure altruism and at others there is clearly an element of marketing with the corporate donors
More informationE-Commerce Company in Luxembourg
E-Commerce Company in Luxembourg I. Concept II. Direct E-Commerce services III. The E-Commerce Company in Luxembourg IV. Tax Aspects of direct E-Commerce 1. The taxation of direct E-Commerce services 1.1
More informationGUIDANCE NOTE: DEFINITION OF PHILANTHROPIC FUNDING
GUIDANCE NOTE: DEFINITION OF PHILANTHROPIC FUNDING To be followed by all University staff 1 Definition of philanthropic funds... 2 2 Eligible sources of philanthropic funds... 2 3 Ineligible sources of
More informationRECRUITMENT OF ASSISTANTS & ASSISTANT MANAGERS
RECRUITMENT OF ASSISTANTS & ASSISTANT MANAGERS 1. NOTIFICATION: On-line Applications are invited from eligible candidates who must be Indian Citizen for selection and appointment as Assistant/Assistant
More informationTechnical Accounting Alert
TA ALERT 2009-09 JULY 2009 Technical Accounting Alert Income from licensing intangibles Overview Licensors enter into various types of licensing agreements with third parties. These licensing agreements
More informationSWACHH BHARAT CESS (SBC) FREQUENTLY ASKED QUESTIONS (FAQ)
Background: SWACHH BHARAT CESS (SBC) FREQUENTLY ASKED QUESTIONS (FAQ) Chapter VI (Section 119) of the Finance Act 2015 contains provisions for levy and collection of Swachh Bharat Cess (SBC). Now the Government
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON ADVERTISING SERVICES
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON ADVERTISING SERVICES TABLE OF CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 ADVERTISING SERVICES... 1 Media planning...
More informationNICE CLASSIFICATION - 10 th Edition, Version 2014. Class 41. Explanatory Note
Class 41 Education; providing of training; entertainment; sporting and cultural activities. Explanatory Note Class 41 covers mainly services rendered by persons or institutions in the development of the
More informationFAQs on Reverse Charge in Service Tax
FAQs on Reverse Charge in Service Tax Reverse Charge in service tax 1 Reverse Charge (Tax Shift) Provisions relating to reverse charge are contained in Notification No. 30/2012-ST dated 20-6-2012. See
More informationCHAPTER II INCIDENCE AND LEVY OF TAX
CHAPTER II INCIDENCE AND LEVY OF TAX Incidence Tax 3 (1) Liability: - Subject to other provisions of this Act, every dealer - (a) whose turnover during the year immediately preceding the commencement of
More informationTAXATION INTRODUCTION
TAXATION INTRODUCTION India has a complex tax structure and levy ranges from taxes and duties on corporate income, personal income, manufacturing, sale of goods, works contract, rendition of services,
More informationIRAS e-tax Guide. GST: Guide for Advertising Industry
IRAS e-tax Guide GST: Guide for Advertising Industry Published by Inland Revenue Authority of Singapore Published on 14 Nov 2014 Disclaimers: IRAS shall not be responsible or held accountable in any way
More informationOVERLAPPING OF SERVICE TAX AND VAT
OVERLAPPING OF SERVICE TAX AND VAT UNDER WORK CONTRACT AND RESTAURANT AND CATERING SERVICE Organised by BORIVALI KANDIVALI (EAST) CPE STUDY CIRCLE At Conference Hall,2nd Floor, Thakur Polytechnic College,
More informationNAPCS Product List for NAICS 51211-2: Motion Picture and Video Production and Distribution
NAPCS List for NAICS 51211-2: Motion Picture and Video ion and Distribution National 51211-2 1 X Audiovisual works Copyrighted audiovisual works produced without contract for outright sale (i.e., with
More informationMusic in the Marketplace
Music in the Marketplace Preface This advisory is intended as a general explanation of the nature and functions of music performing rights organizations. It is designed to help businesses that use music
More informationSample Reports of Value Added Tax
Sample Reports of Value Added Tax The information contained in this document is current as of the date of publication and subject to change. Because Tally must respond to changing market conditions, it
More informationTitle 35 Mississippi State Tax Commission. Part IV Sales & Use. Sub Part 13 General
1 Title 35 Mississippi State Tax Commission Part IV Sales & Use Sub Part 13 General Chapter 02 Sales Made By and To Schools and Colleges and Universities Junior Colleges, Community Colleges, Colleges and
More informationACPSA Issue Brief #4: Arts and Cultural Contributions to the Creative Economy
Office of Research & Analysis National Endowment for the Arts January 2015 ACPSA Issue Brief #4: Arts and Cultural Contributions to the Creative Economy The United States currently lacks an official definition
More informationGOVERNMENT OF INDIA PRESS INFORMATION BUREAU *****
GOVERNMENT OF INDIA PRESS INFORMATION BUREAU ***** POVERTY ESTIMATES FOR 2004-05 New Delhi, March, 2007 The Planning Commission as the Nodal agency in the Government of India for estimation of poverty
More informationEU: 2015 Place of Supply Changes Changes to the VAT place of supply for e-services
EU: 2015 Place of Supply Changes Changes to the VAT place of supply for e-services EU: 2015 Changes to the place of supply From 1 January 2015, supplies of telecommunications, broadcasting and electronically
More informationWeb Edition: PROVISIONAL POPULATION TOTALS. Chapter 5. Census of India 2001 Series 1, India, Paper 1 of 2001. Chapter 5
Web Edition: PROVISIONAL POPULATION TOTALS Chapter 5 Census of India 2001 Series 1, India, Paper 1 of 2001 Chapter 5 Density of Population 1 D e n s i t y o f P o p u l a t i o n One of the important indices
More informationGLOBAL INDIRECT TAX. India. Country VAT/GST Essentials. kpmg.com VAT
GLOBAL INDIRECT TAX India Country VAT/GST Essentials kpmg.com VAT b India: Country VAT/GST Essentials India: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to VAT? 2 What
More informationTelecom Regulatory Authority of India. Engagement of Consultant for conducting a market survey of consumers of Cable and Television services
Telecom Regulatory Authority of India Engagement of Consultant for conducting a market survey of consumers of Cable and Television services 1 Background Terms of Reference (TOR) 1.1 A Consumer Survey was
More informationTOLLEY S VALUE ADDED TAX 2014 (SECOND EDITION)
TOLLEY S VALUE ADDED TAX 2014 (SECOND EDITION) Excerpt from chapter 63: Special Schemes To order your copy of Tolley s Value Added Tax 2014 visit www.lexisnexis.co.uk or call 0845 370 1234. Special scheme
More informationService Tax on Hotel Industry
TAXATION 325 Service Tax on Hotel Industry Taxes in relation to the supply/services of food in hotel industry has always been a contentious issue whether under VAT or under Service tax. Further, even accommodation
More informationHealthAssure: A long-term critical. Key Advantages of HealthAssure
ICICI Prudential Life Insurance - covering you at every step in life. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and Prudential plc, a
More informationGrid Connected Solar Power in India. Tarun Kapoor Joint Secretary Ministry of New and Renewable Energy Government of India
Grid Connected Solar Power in India Tarun Kapoor Joint Secretary Ministry of New and Renewable Energy Government of India Indian Power Sector (31 March 2012) Thermal Hydro Nuclear Renewable 1,31,353 MW
More informationMOST IMPORTANT TERMS AND CONDITIONS
(a) Schedule of Fees and Charges MOST IMPORTANT TERMS AND CONDITIONS 1. Joining Fee, Annual Fees, Renewal Fees Currently ICICI Bank (erstwhile The Bank of Rajasthan Ltd.) hereinafter called "the Bank"
More informationTWO NEW MUST-HAVE RESEARCH REPORTS ON THE RENEWABLE ENERGY SECTOR
TWO NEW MUST-HAVE RESEARCH REPORTS ON THE RENEWABLE ENERGY SECTOR A) Renewable Energy Development in India 2009 B) Biofuels in India (For details, see overleaf) Two New Reports on Renewable Energy and
More informationPlace of Provision of Service Rules
Place of Provision of Service Rules October 2012 Pratik Jain Partner, KPMG Framework Statutory provisions Section 66C read with section 94(2)(hhh) of Finance Act, 1994 Replacing Rules under erstwhile regime
More informationIndian software industry
By: Dr A. Subbiah, Dr K. Navaneethakrishnan and S. Jeyakumar The Indian Software Industry Continues to Grow The global slowdown may have little impact on India s IT industry, which is projected to grow
More informationchapter Practice Questions of Service Tax
chapter Practice Questions of Service Tax Question 1: 261 With reference to service tax law as contained in Finance Act, 1994, discuss whether any consideration is involved in following cases: (i) Donations
More informationTHE TAMIL NADU ENTERTAINMENTS TAX ACT, 1939 ( ACT No. X OF 1939 )
THE TAMIL NADU ENTERTAINMENTS TAX ACT, 1939 ( ACT No. X OF 1939 ) [Received the assent of the Governor on the 10 th June, 1939; first published in the Fort St. George Gazette, dt. 20 th June, 1939 ] An
More informationMaternal & Child Mortality and Total Fertility Rates. Sample Registration System (SRS) Office of Registrar General, India 7th July 2011
Maternal & Child Mortality and Total Fertility Rates Sample Registration System (SRS) Office of Registrar General, India 7th July 2011 Sample Registration System (SRS) An Introduction Sample Registration
More informationAnalysis of Service Tax on works contract w.e.f 01-07-2012
Budget 2012 has ushered a new system of taxation of services; popularly known as Negative List. The new changes are a paradigm shift from the existing system where only services of specified descriptions
More informationBASEL DISCLOSURES DOCUMENT AS ON 31 st December 2014 TABLE DF-3 CAPITAL ADEQUACY
BASEL DISCLOSURES DOCUMENT AS ON 31 st December 2014 Qualitative Disclosures (a) A summary discussion of the Bank s approach to assessing the adequacy of its capital to support current and future activities.
More informationAnalysis of state-wise RPO Regulation across India
The Renewable Purchase Obligations (RPO) has been the major driving force in India to promote the renewable energy sector. But the State Electricity Regulatory Commissions (SERCs) have defined their respective
More informationARTICLES OF THE MODEL CONVENTION WITH RESPECT TO TAXES ON INCOME AND ON CAPITAL. [as they read on 28 January 2003]
ARTICLES OF THE MODEL CONVENTION WITH RESPECT TO TAXES ON INCOME AND ON CAPITAL [as they read on 28 January 2003] SUMMARY OF THE CONVENTION TITLE AND PREAMBLE CHAPTER I Scope of the Convention Art. 1
More informationPROTOCOL BETWEEN THE GOVERNMENT OF THE REPUBLIC OF POLAND AND THE GOVERNMENT OF THE REPUBLIC OF INDIA
PROTOCOL BETWEEN THE GOVERNMENT OF THE REPUBLIC OF POLAND AND THE GOVERNMENT OF THE REPUBLIC OF INDIA AMENDING THE AGREEMENT BETWEEN THE GOVERNMENT OF THE POLlSH PEOPLE'S REPUBLIC AND THE GOVERNMENT OF
More informationFOREWORD. Cape Verde. Services provided by member firms include:
2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are
More informationFrequently Asked Questions
Frequently Asked Questions Q 1) Can we avail input credit for all purchases like stationery, consumables, machine parts etc., made in Karnataka if our supplier issues a tax invoice, charging VAT? Q 2)
More informationTAXATION OF WORKS CONTRACT
TAXATION OF WORKS CONTRACT CA Madhukar N. Hiregange CA Monalisa Khuntia Introduction: The new service tax regime based on Negative list has come into effect from 1st of July 2012. Though there are number
More informationPayments subject to withholding tax Generally, a person has to withhold tax when he makes payments of the following nature to a non-resident person:
RELEVANT TO ACCA QUALIFICATION PAPER F6 (SGP) Understanding withholding tax rules in Singapore In a nutshell, withholding tax is an efficient mechanism to collect corporate income tax from certain groups
More informationPress Note on Poverty Estimates, 2011-12
Press Note on Poverty Estimates, 2011-12 Government of India Planning Commission July 2013 GOVERNMENT OF INDIA PRESS INFORMATION BUREAU ***** POVERTY ESTIMATES FOR 2011-12 New Delhi: 22 July, 2013 The
More informationSTATE WISE DATA As on 29.02.2016
STATE WISE DATA As on 29.02.2016 Table No. Contents 1 Sector wise targets for 11th plan 2 Yearly achievements of Growth rates-11th five year plan for major/small States and UT's. 3 Sector wise targets
More informationNo.F. GOVERNMENT OF INDIA MINISTRY OF HUMAN RESOURCE DEVELOPMENT (DEPARTMENT. OF EDUCATION)
No.F. GOVERNMENT OF INDIA MINISTRY OF HUMAN RESOURCE DEVELOPMENT (DEPARTMENT. OF EDUCATION) Copyright Office B-2/W-3, Curzon Road Barracks K.G. Marg, New Delhi 110001 Tel : (011) 23382458; 23382549 Ext.31
More informationPresentation Title ( Arial, Font size 28 )
Presentation Title ( Arial, Font size 28 ) Acquisition of 1,140 MW Welspun Renewable Portfolio Date, Venue, etc..( Arial, Font size 18 ) June, 2016 Message Box ( Arial, Font size 18 Bold) Disclaimer Certain
More informationMinistry Of Finance VAT Department. VAT Guidance for Charities, Clubs and Associations Version 4: November 1, 2015
Ministry Of Finance VAT Department VAT Guidance for Charities, Clubs and Associations Version 4: November 1, 2015 Introduction This guide is intended to provide charities, clubs and associations with additional
More informationVAT GENERAL INFORMATION FOR BUSINESSES
VAT GENERAL INFORMATION FOR BUSINESSES ELECTRONIC SERVICES PROVIDERS These notes are intended for persons who provide Electronic Services and who are either established in Malta or established outside
More informationGLOBAL INDIRECT TAX. Thailand. Country VAT/GST Essentials. kpmg.com TAX
GLOBAL INDIRECT TAX Thailand Country VAT/GST Essentials kpmg.com TAX b Thailand: Country VAT/GST Essentials Thailand: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to VAT?
More informationItalian corporate income tax for foreign investors
Italian corporate income tax for foreign investors 05 October 15 Corporate income tax Italian corporate income tax (imposta sul reddito delle società, or IRES) is due by resident companies on their worldwide
More informationJapan and the United Kingdom of Great Britain and Northern Ireland,
CONVENTION BETWEEN JAPAN AND THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME AND ON CAPITAL
More informationTax Relief for Creative Industries
Tax Relief for Creative Industries What we ll be covering in the HMRC presentations 1. Film tax relief and Television tax relief 2. New tax reliefs for Video games and Theatre 3. Administration of the
More informationUEFA Euro 2016 Public Screening Frequently Asked Questions
UEFA Euro 2016 Public Screening Frequently Asked Questions This document serves as a practical guide to the public screening licensing programme for UEFA EURO 2016. New questions may be added from time
More information[TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART-II, SECTION 3, SUB- SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF HOME AFFAIRS.
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART-II, SECTION 3, SUB- SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF HOME AFFAIRS New Delhi, the 1 st April, 2010 Notification G.S.R. -- In exercise of the powers
More informationNAPCS Product List for NAICS 533: Lessors of Nonfinancial Intangible Assets (except Copyrighted Works)
NAPCS List for NAICS 533: Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) 533 1 Licensing of rights to property protected as industrial property Granting permission to use industrial
More informationCOPYRIGHT ACT -- FAIR DEALING (Advisory for SUTD Faculty, Researchers, Staff and Students)
COPYRIGHT ACT -- FAIR DEALING (Advisory for SUTD Faculty, Researchers, Staff and Students) When determining whether copying of the whole or part of the work or adaptation constitutes fair dealing, the
More informationMonaco Corporate Taxation
Introduction Monaco is a sovereign principality. France is a guarantor of the sovereignty and territorial integrity of Monaco, while Monaco is to conform to French interests. Although the Prince is the
More informationProvinces and territories also impose income taxes on individuals in addition to federal taxes
Worldwide personal tax guide 2013 2014 Canada Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Canada Revenue Agency (CRA)
More informationInformation and Communication Technology for Rural Development
Information and Communication Technology for Rural Development Ankur Mani Tripathi 1, Abhishek Kumar Singh 2, Arvind Kumar 3 * Department of IT, Galgotias College of Engineering and Technology, Gr. Noida
More informationWomen s Energy Justice Network: CDM Financing and Microlending for Appropriate Technology REEEP Output # N3123
Women s Energy Justice Network: CDM Financing and Microlending for Appropriate Technology REEEP Output # N3123 Center for Energy and Environmental Security University of Colorado at Boulder August 2010
More informationTURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%.
TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%. Corporations in Turkey can be regarded as either limited or unlimited
More informationTELECOM REGULATORY AUTHORITY OF INDIA New Delhi, 12 th March, 2014 (www.trai.gov.in)
For immediate release (Press Release No. 13/2014) Information Note to the Press TELECOM REGULATORY AUTHORITY OF INDIA New Delhi, 12 th March, 2014 (www.trai.gov.in) Highlights on Telecom Subscription Data
More informationVAT GENERAL INFORMATION FOR BUSINESSES
VAT GENERAL INFORMATION FOR BUSINESSES SUPPLIERS OF SERVICES These notes are mainly intended for suppliers of services who are registered under article 10 of the VAT Act. If you are registered as an exempt
More informationLoan Details. Document on Educational Loans
Loan Details Document on Educational Loans The University will facilitate an educational loan for students through tie ups with banks. Educational loans are available to all students including those who
More informationSALES AND USE TAX TECHNICAL BULLETINS SECTION 20
SECTION 20 - RADIO, TELEVISION AND CABLE TELEVISION STATIONS, MOTION PICTURE THEATRES, VIDEO PROGRAMMING PROVIDERS, AND SATELLITE DIGITAL AUDIO RADIO SERVICE PROVIDERS 20-1 RECEIPTS FROM VIDEO PROGRAMMING
More information103. TECHNICAL INSPECTION AND CERTIFICATION SERVICES
103. TECHNICAL INSPECTION AND CERTIFICATION SERVICES (A) Date of Introduction:- 01/07/2003 by Notification No. 7/2003-S.T., dated 20/06/2003. (B) Definition and scope of service:- Taxable Service means
More informationHUMAN RESOURCES DEPARTMENT. HR-TAD/M2/Rec/2013 12 th September 2013 RECRUITMENT OF CLERKS AND OFFICERS
BANKING PARTNER Regd. Office: Aluva, Kerala HUMAN RESOURCES DEPARTMENT HR-TAD/M2/Rec/2013 12 th September 2013 RECRUITMENT OF CLERKS AND OFFICERS Federal Bank, a leading Private Sector Bank having pan
More informationHum a n Re s o u r c e s in He a lt h Se c t o r
5. Hum a n Re s o u r c e s in He a lt h Se c t o r Page No. Summary 5. Human Resources in Health Sector 156 5.1 State/UT wise Number of Allopathic Doctors with Recognised Medical Qualifications (Under
More informationRevision of Consumption Taxation on Cross-border Supplies of Services
For foreign es Revision of Consumption Taxation on Cross-border Supplies of Services National Tax Agency, May 2015 In accordance with the Act for Partial Revision of the Income Tax Act and Other Acts (Act
More informationMODEL CONVENTION WITH RESPECT TO TAXES ON INCOME AND ON CAPITAL
WITH RESPECT TO TAXES ON INCOME AND ON CAPITAL SUMMARY OF THE CONVENTION Title and Preamble Chapter I SCOPE OF THE CONVENTION Article 1 Article 2 Persons covered Taxes covered Chapter II DEFINITIONS Article
More informationDiscussion Drafts for Public Consultation
Discussion Drafts for Public Consultation INTERNATIONAL VAT/GST GUIDELINES GUIDELINES ON PLACE OF TAXATION FOR BUSINESS-TO-CONSUMER SUPPLIES OF SERVICES AND INTANGIBLES PROVISIONS ON SUPPORTING THE GUIDELINES
More information