Monday , July 16, 2018 |   19:49:12 IST
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI
About Us Contact Us Instant Updates Newsletters
 
NEWS FLASH
 
TP - Net profit margin realized from comparable uncontrolled transaction can only be considered for benchmarking international transactions: ITAT (See 'Breaking News') TP - Differences in employee cost filter & diminishing revenue calls for exclusion of such company for benchmarking purposes: ITAT (See 'Breaking News') TP - Company engaged in analytical & industrial testing cannot be compared to pure R&D service provider without their segmental break up: ITAT (See 'Breaking News') I-T - Assessment is invalid where framed in name of non-existent company which is amalgamated based on Writ Court's orders: ITAT (See 'Breaking News') Non-resident doing business in India through digital means - CBDT seeks comments on changes in 'business connection' (See 'Brief') TP - Transactions under AE segment cannot be compared with non-AE segments, without examining functions, assets & risks under both segments of Parent company: ITAT (See 'Breaking News') I-T - Lease rental paid overseas for hiring transponder capacity, merits tax deduction at source u/s 195 before making such remittances: ITAT (See 'Breaking News') I-T - Payment made abroad for bandwidth services without any 'make available clause', cannot be taxed as royalty or FTS, in absence of PE of foreign recipient in India: ITAT (See 'Breaking News') TP - Mere disagreement with factual findings of ITAT regarding selection of comparables after their FAR analysis, is no ground to approach Writ Courts u/s 260A: HC (See 'Breaking News')
 
TII SEARCH
 
 
   
Home >> News Brief
 

Cabinet approves Tax Collection pact with Brunei Darussalam
By TII News Service
May 16, 2018 , New Delhi

    

Pursuant to the plugging double taxation and fiscal evasion. The Union Cabinet has has approved the signing and ratification of Agreement between India and Brunei Darussalam for the Exchange of Information and Assistance in Collection with respect to Taxes.

Details:

The Agreement enables the competent authorities of India and Brunei Darussalam to provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of the two countries concerning taxes covered by this Agreement. 

 The information received under the Agreement shall be treated as confidential and may be disclosed only to persons or authorities (including courts or administrative bodies) concerned with assessment, collection, enforcement, prosecution or determination of appeals in relation to taxes covered under the Agreement. Information may be disclosed to any other person or entity or authority or jurisdiction with the prior written consent of the information sending country.

The information received under the Agreement shall be treated as confidential and may be disclosed only to persons or authorities (including courts or administrative bodies) concerned with assessment, collection, enforcement, prosecution or determination of appeals in relation to taxes covered under the Agreement. Information may be disclosed to any other person or entity or authority or jurisdiction with the prior written consent of the information sending country.

The Agreement also provides for automatic exchange of information between India and Brunei with respect to categories of cases.

The Agreement also enables assistance in collection of tax revenue claims between both countries

The Agreement provides for Mutual Agreement Procedure for resolving any difference or for agreeing on procedures under the Agreement.

The Agreement shall enter into force on the date of notification of completion of the procedures required by the respective laws of the two countries for entry into force of the Agreement.

The agreement will stimulate the flow of exchange of information between India and Brunei for tax purposes which will help curb tax evasion and tax avoidance. It will also enable assistance in collection of tax revenue claims between both countries.

As such, the Agreement does not have any financial implications. Only in the event of extraordinary costs exceeding USD 500 as per Article 9 of the Agreement, the same will be borne by the Government of India. India has similar provisions in other such tax information exchange agreements.

 
 
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI TII
  • DTAAs
  • TIEAs
  • Circulars
  • Circulars (I-T Act, 1922)
  • Instructions
  • Notifications
  • Administrative Orders
  • DRP Panel
  • I-T Act, 1961
  • Relevant Portion of I-T Rules,1962
  • Relevant Portion of I-T Act,1922
  • GAAR
  • Equalisation Levy
  • Draft Guidelines
  • Committee Reports
  • FATCA
  • Intl-Taxation
  • Finance Acts
  • Manual on EoI
  • DTC Bill
  • UN Model
  • Miscellaneous
  • Guidance Notes - AEOI
  • OECD Conventions
  • Cost Inflation Index
  • Union Budget
  • Information Security Guidelines
  • Draft Notifications
  • Circulars
  • Instructions
  • Notifications
  • Relevant Sections of Act
  • TP Rules
  • Forms
  • Miscellaneous
  • APA Annual Report
  • APA Rules
  • APA FAQ
  • UN Manual on TP
  • Safe Harbour Rules
  • US Transfer Pricing
  • FEMA Act
  • Exchange Manual
  • Fema Notifications
  • Master Circulars
  • Press Notes
  • Rules
  • RBI Circulars
  • FDI Circulars
  • Reports
  • FDI Approved
  • RBI Other Notifications
  • FIPB Review
  • Black Money Act
  • PMLA Notification
  • PMLA Instruction
  • PMLA Bill
  • FM Budget Speeches
  • SEBI
  • Multimodal Transportation
  • Vienna Convention
  • NBFC Reports
  • EXIM Bank LoC
  • Manufacturing Policy
  • FTDR Act, 1992
  • Intellectual Property
  • White Paper on Black Money
  • Posting Policy
  • PMLA Cases
  • Transfer of Property
  • CBR Act, 1963
  • MCA Circular
  • Book Review
  • Limitation Act
  • SSAs
  • EPFO
  • FAQs
  • Acts
  • Rules
  • Guidelines
  • Tourist Visa
  • Notifcations
  • Types of Visa
  • Agreements
  • Arbitration
  • Model Text
  • Relevant Portion of I-T Act
  • Circulars
  • I-T Rules, 1962
  • MISC
  • Notification
  • About Us
  • Contact Us
  •  
     
    A Taxindiaonline Website. Copyright © 2010-2018 Taxindiainternational.com Pvt.Ltd. All rights reserved.