November 26th, 2018Ohio, a Midwestern state in the United States has become the first stated that would accept bitcoin for tax payments. With this, now, the businesses in Ohio will be able to pay their taxes in bitcoin — making the state that’s high in the middle and round on both ends the first in the nation to accept cryptocurrency officially.
The...
November 13th, 2018International payment companies like Visa, Mastercard and American Express now may have to pay around 15% tax on their India income. This may happen as they set up servers locally to comply with a central bank directive on data storage.
The Reserve Bank of India had ordered payments companies to locally store data on all...
September 17th, 2018One of the largest retail player Walmart has reportedly paid Rs 7,439 crore tax on the payments the company made to acquire the shares of 10 major shareholders of Flipkart. Various shareholders of Flipkart including the major ones like SoftBank, Naspers, venture fund Accel Partners and eBay, had sold their holdings to Walmart.
On the...
May 1st, 2018New Zealand is looking forward to implement a new law that will enable the government to tax purchases such as books, shoes and other small items made online from overseas companies in what will be called the “Amazon Tax.”
New Zealand’s revenue minister Stuart Nash announced that the government would work on finding a solution...
April 26th, 2018The Income Tax Appellate Tribunal (ITAT) rejected Indian tax authorities decision on Flipkart to pay INR 110 crores on the discounts offered by Flipkart in their capital expenditure account.
As per the law, the tax authority targeting and demonstrating how e-commerce companies asked for tax exemption from earnings generated through...
April 12th, 2018The income-tax department demanded Flipkart to classify its marketing expenses and discounts as capital expenditure and therefore asked the E-commerce giant to pay the sum of Rs 110 crore as tax demand for the financial year 2015-16 due to a reclassification order on how startups are taxed.
However, Flipkart does not look likely to...
April 7th, 2018Last week, President Donald Trump directed attacks on Amazon in a tweet stating his disappointment that the e-commerce giant does not pay sufficient taxes. Since 2015, Donald Trump has expressed his contempt towards Amazon and its CEO Jeff Bezos around a dozen times on the micro-blogging site. Trump’s disdain towards the e-commerce...
February 5th, 2018Amidst the buzz of Union Budget 2018, a lot has been said and commented upon by the Ministers, Entrepreneurs and Media Personalities. The issue of how the citizens would get affected by the financial plan has been a food for thought to everyone. While the trollers were busy trolling about the delicate topic;
How Income tax...
September 11th, 2017The photos of your Singapore vacations trip or your brand new luxury car on Instagram or Facebook may lead the tax department on your doorstep if you're evasing tax or hold black money. The tax department from next month will begin amassing virtual information to trace such frauds.
'Project Insight', likely to be launched next month,...
July 1st, 2017Prime Minister Narendra Modi has billed GST as a 'good and simple tax' that will end harassment of traders and small businesses while integrating India into one market with one tax rate.
At an event to launch the Goods and Services Tax (GST) at the historic Central Hall of Parliament, Modi said the indirect tax reform is a result...
June 27th, 2017Goods & Services Tax (GST) is a consolidated, consumption based tax which will be levied on the supply of goods and services at a national level. It will combine major taxes like excise duty, CST, octroi, service tax, and VAT (value added tax) etc. into a single tax called GST, which will come into effect starting July 1st, 2017....
