Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT RATES :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: list of goods taxed at 4% :: empanelment :: VAT Audit :: cpt :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: TDS
 
 
« Transfer Pricing »
  Transfer Pricing Adjustments - The Current Irish Landscape
 Transfer Pricing Adjustments - The Current Irish Landscape
 Will politics trump economics on petrol, diesel pricing?
 Private equity funds take ‘double decker’ route to escape tax here
 India to reform port pricing to spur investment
 New rules to cut transfer pricing disputes
 NLSIU gets endowment chair to carry out research on international best practices
 India and Japan to ramp up cooperation in northeast, defence
 Why investors should be wary of pricing guidelines
 CBDT signs 4 more Advance Pricing Agreements
 Multinationals face quandary over transfer pricing

Shaw says transfer pricing tax will not be retroactive
April, 01st 2016

Minister of Finance and the Public Service Audley Shaw says the Government will not implement the retroactive provision under the transfer pricing tax regime.

“I am not going to insist that the transfer pricing submissions be made retroactive to last year. It does not make sense,” Shaw asserted, while addressing a Private Sector Organisation of Jamaica (PSOJ) President’s Forum, at the Jamaica Pegasus Hotel in New Kingston, on March 29.

Amendments to the Income Tax Act to introduce transfer pricing legislation were passed by both Houses of Parliament and took effect for year of assessment, 2015.

These amendments will empower the Government to prevent tax leakage through the transfer pricing system.

Transfer pricing is used by multinational companies for sales and services within their corporate groups and by individuals in transactions with corporations under their control. The system, while legitimate, can be used as a mechanism for tax avoidance.
The minister noted that while the regime was implemented last year, “the transfer pricing must commence properly this year.”

“A few months after the law was passed, there has to be a period of education, there must be companies understanding how to put together their advised pricing agreements and (it can be done) in an orderly fashion,” he said.

“You cannot impose complex legislation like that retroactively. It cannot be done and I am going to ensure that this is not insisted upon,” he stressed.

Cabinet had approved the introduction of Transfer Pricing Rules in 2011. These regulations govern transfer pricing transactions within companies that have local and overseas representation.

The Bill was subsequently tabled by the Minister of Finance on May 5, 2015, then debated and passed later in the year.

Provisions in the Bill require that the companies to which the regime applies pay the tax dated back to January 1, 2015. This, however, will not be enforced.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions