Author: Srishti Singh
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Android users beware! Over 150 cryptocurrency mining scam apps steal $350,000 from users
Cryptocurrency is one of the popular bait for cyber-scammers, who develop innovative ways to target their victims. One of them has been uncovered by the Security researchers working at Lookout Threat Lab. They revealed that there are around 170 Android apps out of which 25 fake apps are available on the Google Play Store, defrauding…
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Twitter loses its intermediary status in India
Twitter has lost its intermediary status in India by not complying with the new Information Technology (IT) Rules, which came into force from May 26. It means that Twitter and its top officials will now be liable for all the content on its platform, which is considered “inflammatory” or unlawful in nature. Why Twitter lost…
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RBI tells Indian Banks to stop warning People Investing In Crypto
Today the Reserve Bank of India(RBI) clarified that banks and other entities cannot caution customers from dealing in digital currencies by citing its 2018 order on virtual currencies. It is because it has been set aside by the Supreme Court of India in 2020. Recently, several large private and public sector lenders have cited the…
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Indian Government Wants To Block IP Addresses Of Crypto-Exchanges
As per the Business Standard report, the Indian government is planning to block the internet protocol (IP) addresses of major cryptocurrency exchanges in India. The move will be implemented after the investors have been given the opportunity to square their crypto-investments within a three to six-month window. The move might not come as a surprise…
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India’s Budget 2021: Key highlights
Finance Minister Nirmala Sitharaman presented Union Budget 2021-22 today. Below are some of the key highlights of the budget, which are as follows: No general increase in tax rates or tax incidence Going against the expectations of salaried class, Finance Minister Nirmala Sitharaman did not announce any major alteration in personal taxation in Budget 2021 . There were no…
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India’s Digital services tax discriminates against U.S. Companies: USTR
The US has recently held that India’s 2 per cent digital tax on e-commerce supply of services discriminates against US companies and is inconsistent with prevailing principles of international taxation, and restricts US commerce. These were part of the findings of the US Trade Representative’s investigations of India’a Digital Service Taxes (DST) under Section 301 of the…
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UK: No more disclosure of cross-border arrangements under DAC6
As a result of Brexit, the UK will no longer be implementing DAC 6 in its entirety after concluding the Free Trade Agreement with the EU. As a replacement the UK will consult on and implement the OECD’s Mandatory Disclosure Rules (MDR). As a result only arrangements falling within within Category D of DAC 6…
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India loses tax dispute to Cairn: Is appeal the next step?
Barely 3 months had passed since Vodafone had won an arbitration case from India over the retrospective tax legislation amendment. In another setback, the Indian government has lost a similar international arbitration case to British energy giant Cairn Energy over the retrospective taxation, and has been asked to pay damages worth $1.2 billion to the…
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Vodafone tax case victory : Is it the time to include “Right to certainty” for taxpayers?
Vodafone Group Plc has finally won a decade-long battle against the Indian tax department’s demand arising from its retrospective tax law. The Permanent Court of Arbitration in the Netherlands passed an order in favour of Vodafone and directed the Indian government to cease any tax demand, interest and penalty against the company. Also the tribunal…
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Loblaw tax case: Barbados Bank exempt from FAPI in Canada
In a respite to Loblaw Companies Ltd. from $368 million in taxes, the Federal Court of Appeal overturned a 2018 ruling that found the company used a Barbados bank as a tax shelter. The case dates back to the early 1990s. Loblaw was concerned about proposed tax changes negotiated under the Dutch-US Treaty and, to a lesser extent, the…
International Tax Panorama 