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Indian arms of foreign cos need to pay FBT on stock options
December, 22nd 2007

The Central Board of Direct Taxes has come out with a detailed explanatory circular on the issues arising out of levy of fringe benefit tax (FBT) on allotment or transfer of securities or sweat equity shares.

The circular seeks to address a host of issues raised by trade and industry after the tax department came up with the methodology for computation of fair market value for the purpose determining the FBT on employee stock option plans.

On the contentious issue of whether a foreign company is liable to pay FBT on shares allotted or transferred to the employees of Indian subsidiary, the circular has clarified that the Indian subsidiary of a foreign company would be liable to pay FBT on the shares allotted to the employees of the Indian subsidiary by virtue of their employment with the Indian subsidiary company.

It has also now been clarified that the Indian subsidiary would be liable to pay FBT irrespective of whether or not there is a charge back of cost by the foreign holding company.

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