Tax Avoidance

The government has informed the prospective asset valuers of IDBI Bank that the lender has deferred tax assets of Rs 11,520 crore and 120 properties in the top seven cities including Mumbai, Pune, and Chennai. In response to the pre-bid queries from prospective asset valuers of IDBI Bank, the Department of Investment and Public Asset Management (DIPAM) said the bank has as many as 68 properties in Mumbai, 20 in Pune, nine in Chennai and seven in Ahmedabad. Besides, it has six properties in Kolkata and five each in Delhi and Hyderabad. The intangible on the balance sheet of IDBI Bank primarily comprises deferred tax assets of around Rs 11,520 crore, DIPAM said. Deferred tax asset commonly refers to overpayment of tax by an entity. Such excess tax paid can be adjusted against future tax dues. DIPAM further said the asset valuer shall further identify intangibles not on the IDBI Bank balance sheet like brand name, branch network and value them. The Terms of Reference for asset valuer

According to EU estimates, tax dodging causes the bloc to lose up to 1 trillion euros ($1.13 trillion) in income each year

The statement comes at a time when the central government is engaged in legal proceedings to bring back alleged economic offenders

India introduced equalisation levy for digital advertising services in 2016 at the rate of 6 per cent

In addition, countries agreed not to impose new digital services taxes as of Friday

Calling it 'fake news', US President Donald Trump refuted the claims that he did not pay income tax in 10 of the last 15 years

Create joint norms on digital taxation with other jurisdictions

Kulwant Singh Lally, 58, was registered as the company director of Raja Tandoori in Paisley, incorporated in January 2010 and wound up in 2018

The trajectories of corporate and minimum alternate tax do not reveal tax policy rationale

The infrastructure is ready. Right regulations and tax regime are a must for its success as an international finance centre

Inflows have gone up from tax havens; corporate tax dodging worries DPIIT

The tax applies even to FPIs that might otherwise have been protected from a higher tax rate because of existing treaties

Several proposals in the finance minister's speech aim to increase the number of tax filers and reduce the scope for tax avoidance

Due to various tax incentives, these firms had an effective tax rate of zero

Out of the 1.5 million registered companies, only 600,000 were found to file their returns

The US loses an estimated $188 billion every year