India Introduces E-waste Management Rules for Manufacturers & Consumers of Electronics
(Sunnyvale, CA) – The Indian Ministry of Environment & Forest (MoEF) has introduced e-waste
management rules for the safe disposal and handling of e-waste (Waste electric and electronic
equipments) in order to reduce and recycle e-waste in the...
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India Introduces E-waste Management Rules for Manufacturers & Consumers of Electronics (Sunnyvale, CA) – The Indian Ministry of Environment & Forest (MoEF) has introduced e-waste management rules for the safe disposal and handling of e-waste (Waste electric and electronic equipments) in order to reduce and recycle e-waste in the country. The E-Waste Management and Handling Rules, 2011 which came into effect on May 1, 2012 are applicable to both manufacturers of electrical goods and consumers of electronic equipment who will now need to maintain records of e-waste in a particular format. Companies in India (as consumers of electronic equipments) are required to ensure: The E-waste (Waste electric/ electronic equipments) generated in house are to be directed to the authorized collection centers, registered dismantlers or recyclers or to be sent back to pick up or take back services to be provided by manufacturers. They have to maintain records of E-waste (Waste electric/ electronic eq
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From Nandita Verma
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Pub. on May 25th 2012
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A brief on Amendments of Trademark Laws to Streamline Processes in Australia
Streamlining the process of applying for trademarks, opposing a trademark application and trademark infringement
proceedings, Australia’s Intellectual Property Amendment (Raising the Bar) Bill was recently converted into law on April 15,
2012.
Applying for...
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A brief on Amendments of Trademark Laws to Streamline Processes in Australia Streamlining the process of applying for trademarks, opposing a trademark application and trademark infringement proceedings, Australia’s Intellectual Property Amendment (Raising the Bar) Bill was recently converted into law on April 15, 2012. Applying for a Trademark: The Registrar of Trade Marks has to accept the application for a trademark unless he has sufficient ground for rejection known as Presumption of Registrability. The bill clarifies when the ‘Presumption of Registrability’ needs to be applied. The presumption will be applied when assessing the extent to which a trademark is adapted to differentiate the respective goods or services. This could reduce the ambiguity involved in judging the distinctiveness of a trademark leading to a lesser number of rejections. Determination of Trademark Matters: To provide the trade mark owner cheaper and faster option, the jurisdiction of trademark related mat
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From Nandita Verma
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Pub. on May 21st 2012
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Effect of Canada’s Budget Cuts on Overseas Employment Tax Credits
A conservative budget plan for 2012 in Canada proposes to gradually phase out the Overseas Employment Tax Credit
(OETC) from the 2013 tax year onwards.
The OETC is an important tax measure initiated to better the international
competitiveness of Canadian companies...
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Effect of Canada’s Budget Cuts on Overseas Employment Tax Credits A conservative budget plan for 2012 in Canada proposes to gradually phase out the Overseas Employment Tax Credit (OETC) from the 2013 tax year onwards. The OETC is an important tax measure initiated to better the international competitiveness of Canadian companies bidding on a few types of offshore contracts by improving their capacity to employ skilled workers. While the 2012 budget presented by Finance Minister, Jim Flaherty, on March 29, 2012 had no effect on business tax rates, proposals to amend the Canadian Income Tax Act could specifically affect income tax adjustments undertaken by corporations and the taxability of dividends. Highlights of Canada Budget 2012: Income Tax Canada Business Tax Update There is no change in the tax rates and the proposals to amend the thin capitalization rules by reducing the debt-toequity ratio to 1. 5:1 (from 2:1), disallowing the interest expenses to be treated as dividends for
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From Nandita Verma
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Pub. on May 21st 2012
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Hong Kong Proposes to Halve Import/Export Transaction
Costs
(Sunnyvale, CA) - With an aim to boost external trade by reducing transaction costs, Hong Kong proposes to reduce
its import and export declaration charges (TDEC) by half.
The proposal which is subject to the Legislative Council s consent can save HKD 9,000 annually (on an...
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Hong Kong Proposes to Halve Import/Export Transaction Costs (Sunnyvale, CA) - With an aim to boost external trade by reducing transaction costs, Hong Kong proposes to reduce its import and export declaration charges (TDEC) by half. The proposal which is subject to the Legislative Council s consent can save HKD 9,000 annually (on an average) for each company that lodges trade declarations. At present, individuals who import, export or re-export any article except for the exempted ones, require lodging an import or export declaration with Hong Kong s Commissioner of Customs and Excise within 14 days in addition to paying the TDEC. The TDEC for imported food items is HKD 0. 5 per declaration regardless of value. For other imported goods and for all exports regardless of the origin, the charge is HKD 0. 5 for the first HKD 46,000 worth of goods and HKD 0. 25 for each additional HKD 1,000 or part thereof. Please call or email for more details. Get the latest press releases and updates
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From Nandita Verma
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Pub. on May 16th 2012
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Vodafone Serves Notice of Dispute against Indian Tax
Law
(Sunnyvale, CA) – India’s plans to introduce amendments to its tax laws that include powers to retroactively overturn
recent court rulings has sparked off a new contention between the government and Vodafone with the
telecommunication company challenging the new retrospective...
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Vodafone Serves Notice of Dispute against Indian Tax Law (Sunnyvale, CA) – India’s plans to introduce amendments to its tax laws that include powers to retroactively overturn recent court rulings has sparked off a new contention between the government and Vodafone with the telecommunication company challenging the new retrospective tax legislation. Vodafone has served a Notice of Dispute against controversial proposals included in the Indian Finance Bill 2012 which allows the government to change tax laws retroactively as well as the power to reverse Supreme Court rulings and judgements. Background In a landmark case in January 2012, the Supreme Court ruled that the Indian tax authorities have no jurisdiction to tax Vodafone’s $11. 2 billion acquisition of the Indian cellphone company from Hong Kong s Hutchison Whampoa Ltd because it was structured as a transaction between two foreign entities. The Supreme Court further asked the Indian tax department to refund the 25 billion rupees
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From Nandita Verma
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Pub. on May 16th 2012
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Indian Finance Ministry Proposes Amendments to Tax
Evasion Rules Introduced During Budget 2012-13
The Indian Ministry of Finance has proposed certain amendments to the Union Budget 2012-13, which introduced
certain provisions to check tax evasion.
To address concerns of the adverse impact of the provisions, the Indian
finance minster...
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Indian Finance Ministry Proposes Amendments to Tax Evasion Rules Introduced During Budget 2012-13 The Indian Ministry of Finance has proposed certain amendments to the Union Budget 2012-13, which introduced certain provisions to check tax evasion. To address concerns of the adverse impact of the provisions, the Indian finance minster has announced revision of the Union Budget. The proposed amendment highlights areas like deferred implementation of General Anti-Avoidance Rules (GAAR), retrospective amendments to indirect transfers abroad and capital gains on private equity. The proposed revisions to the tax evasion laws are as follows: Revisions to General Anti-Avoidance Rules (GAAR) Provisions of the GAAR are expected to be applicable in the financial year 2013-14 and following years. Proposed amendments for the GAAR include: Shift of onus of proof from the taxpayer to the Revenue Department in case of any action taken under the GAAR. To ensure transparency, an independent
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From Nandita Verma
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Pub. on May 16th 2012
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Spain Introduces New Tax and Administrative Measures
to Reduce Public Deficit
(Sunnyvale, CA) - In order to reduce public deficit this year, the Spanish government has introduced provisional
measures to the Corporate Income Tax.
To achieve this objective, the government has fixed a 30% limit on net financial expenses deductibility of...
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Spain Introduces New Tax and Administrative Measures to Reduce Public Deficit (Sunnyvale, CA) - In order to reduce public deficit this year, the Spanish government has introduced provisional measures to the Corporate Income Tax. To achieve this objective, the government has fixed a 30% limit on net financial expenses deductibility of the EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), maintained zero deprecation of assets for small and medium-sized enterprises (SMEs), and cut down annual overall limitation on tax credits. The decree comes into effect from March 31, 2012 with a retroactive effect to taxable years starting from January 1, 2012. Spain Tax Measures: Changes to Corporate Income Tax RegulationsReplacing the thin capitalization regulations, the new ruling sets limit of up to 30% on net financial expenses deductibility of the EBITDA, carrying forward the undeducted expenses up to 18 years. If the net interest expense of a taxable year is lower than
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From Nandita Verma
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Pub. on May 16th 2012
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Brazil: Criminal Charges against Taxpayer Possible Before Determining Tax Debt
(Sunnyvale, CA) - A Brazilian Supreme Court ruling declared that a taxpayer can be charged with criminal charges
even if the tax debt is not confirmed by the administrative courts.
This is a major shift from its earlier stand where
criminal charges...
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Brazil: Criminal Charges against Taxpayer Possible Before Determining Tax Debt (Sunnyvale, CA) - A Brazilian Supreme Court ruling declared that a taxpayer can be charged with criminal charges even if the tax debt is not confirmed by the administrative courts. This is a major shift from its earlier stand where criminal charges could be filed against a defaulting taxpayer only on confirmation of the actual debt. The Supreme Court verdict was given within the case records of the Habeas Corpus 108. 037 proposed by a Brazilian taxpayer. Background: In 2009, the Supreme Court had established that there was no material crime against the tax system before definitive constitution of tax debt. Post administrative court proceedings and determination of the amount of tax being due, definitive constitution of the tax debt is verified. Criminal charge against the taxpayer could be filed only after the administrative court’s confirmation of the actual tax debt amount. The taxp
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From Nandita Verma
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Pub. on May 10th 2012
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Brazil: Criminal Charges against Taxpayer Possible Before Determining Tax Debt
(Sunnyvale, CA) - A Brazilian Supreme Court ruling declared that a taxpayer can be charged with criminal charges
even if the tax debt is not confirmed by the administrative courts.
This is a major shift from its earlier stand where
criminal charges could be...
More
Brazil: Criminal Charges against Taxpayer Possible Before Determining Tax Debt (Sunnyvale, CA) - A Brazilian Supreme Court ruling declared that a taxpayer can be charged with criminal charges even if the tax debt is not confirmed by the administrative courts. This is a major shift from its earlier stand where criminal charges could be filed against a defaulting taxpayer only on confirmation of the actual debt. The Supreme Court verdict was given within the case records of the Habeas Corpus 108. 037 proposed by a Brazilian taxpayer. Background: In 2009, the Supreme Court had established that there was no material crime against the tax system before definitive constitution of tax debt. Post administrative court proceedings and determination of the amount of tax being due, definitive constitution of the tax debt is verified. Criminal charge against the taxpayer could be filed only after the administrative court’s confirmation of the actual tax debt amount. The taxpayer argued agains
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From Nandita Verma
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Pub. on May 9th 2012
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UK‟s New Immigration Rules to Take Effect from June 14, 2012
(Sunnyvale, CA)- UK has introduced changes to its immigration rules which would affect foreign nationals residing or
entering the UK on employer-sponsored visas as well as the employers.
The changes are based on the observations
of the Migration Advisory Committee (MAC)...
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UK‟s New Immigration Rules to Take Effect from June 14, 2012 (Sunnyvale, CA)- UK has introduced changes to its immigration rules which would affect foreign nationals residing or entering the UK on employer-sponsored visas as well as the employers. The changes are based on the observations of the Migration Advisory Committee (MAC) and will be effective from June 14, 2012. Tier 2 Changes to UK Immigration Rules: Changes for foreign nationals residing or entering in the UK sponsored by A-rated employers: The level of skills eligibility criteria for National Qualifications Framework (NQF) has been increased to 6 for those applying under Tier 2. The level for sponsored permission which is at graduate level and above will not change, but there would be an increase in the NQF level which might result in the removal of some middle management. Foreign nationals in the UK or those who are extending their current permission are not required to comply with the new requirement. With the in
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From Nandita Verma
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Pub. on May 9th 2012
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Sunnyvale, United States
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