12 April 2018
PRODUCER COMPANY A producer company is a company incorporated under Companies Act 2013 (formerly the Companies Act 1956) and shall carry on following activities as mentioned in section 581B of Companies Act 1956: • Production, harvesting, procurement, grading, pooling, handling, marketing, selling, export of primary produce of the Members or import goods for their benefit. • Processing including preserving, drying, distilling, brewing, venting, canning and packaging of produce of its members. •...
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7 April 2018
Pakistan PM Announces Tax Amnesty Scheme Prime Minister Shahid Khaqan Abbasi, after a meeting of the Economic Advisory Council, announced tax reforms aimed at clamping down on tax evaders. Building his case for the government's new package, the prime minister noted that only 1.2 million Pakistanis file income tax returns. He further noted that of the 1.2m filers, only 700,000 actually paid tax, while others filed returns but paid no income tax. Presenting his package as an incentive for more peo...
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5 April 2018
Income Tax in San Marino Corporate Income Tax 17% STANDARD CORPORATE INCOME TAX RATE (CIT) General income tax reduced by 50% (8.5%) for the first five years of activity for newly created companies (Corporate Income Tax). The taxable income is also reduced, by 40% to 90% of net profit, up to an amount equal to the investments in capital goods Tax losses can be carried forward to offset a maximum 80% of the taxable income of the next three periods. DEDUCTIBILITY OF COSTS (related to the business a...
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5 April 2018
DTAA BETWEEN INDIA AND SAN MARINO AGREEMENT BETWEEN INDIA AND SAN MARINO FOR THE EXCHANGE OF INFORMATION The Government of the Republic of India and the Government of the Republic of San Marino, desiring to facilitate the exchange of information with respect to taxes have agreed as follows: ARTICLE 1 OBJECT AND SCOPE OF THE AGREEMENT 1. The competent authorities of the Contracting Parties shall provide assistance through exchange of information that is foreseeably relevant to the administration...
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4 April 2018
SKILL INDIA KAUSAL BHARAT KUSHAL BHARAT Skill India is a campaign launched by Prime Minister Narendra Damodardas Modi on 15th July 2015 which aim to train over 40 crore people in India in different skills by 2022. It includes various initiatives of the government like "National Skill Development Mission", "National Policy for Skill Development and Entrepreneurship, 2015", "Pradhan Mantri Kaushal Vikas Yojana (PMKVY)" and the "Skill Loan scheme". The National Skill Development Mission was approve...
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4 April 2018
Income Tax in Seychelles Personal Income Tax Who is liable. Seychelles nationals gainfully employed in the Seychelles are subject to income tax at the following rates on gross emoluments from such employment: · Up to SCR8,555.50: 0% · From SCR8,555.50 to SCR10,065.29: tax rate is calculated using the following formula: Tax Rate = 0.15 - [8,555.50 - (Gross Emoluments × 0.85)] / (Gross Emoluments) · Above SCR10,065.29: 15% Non-Seychelles nationals gainfully employed in the Seychelles are subject t...
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4 April 2018
DTAA BETWEEN INDIA & SEYCHELLES AGREEMENT BETWEEN INDIA AND SEYCHELLES FOR THE EXCHANGE OF INFORMATION The Government of the Republic of India and the Government of the Republic of Seychelles, desiring to facilitate the exchange of information with respect to taxes have agreed as follows: ARTICLE 1 Object and Scope of the Agreement The competent authorities of the Contracting Parties shall provide assistance through exchange of information that is foreseeably relevant to the administration and e...
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2 April 2018
Income Tax in Saint Kitts and Nevis The Income Tax Act was passed in 1966 and came into force on the first day of January 1967. It made provisions for income tax to be charged on both individuals and corporate entities. Individual - Taxes on personal income Income tax on individuals was abolished in 1980. Individual - Income determination Employment Income Gross income includes salaries, wages, commissions, production and cost of living bonuses, gratuities, and any liability (including taxes) pa...
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