Category: International Tax blog
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Indian Government to introduce Cryptocurrency bill and seek ban on all private cryptos with few exceptions
During this winter session of Parliament, the government of India is set to table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. The bill seeks to ban all private cryptocurrencies with ‘few exceptions’, the official document shared by the government says. It allows for certain exceptions to promote the underlying technology of cryptocurrency…
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Epic Games and Apple both took wins and losses
On friday morning, a U.S Federal judge put some new restrictions on Apple’s App Store rules in the Apple vs Epic case, that will impact all the developers, along with the game developers who are the biggest cash generators for Apple’s App Store. How the dispute began? Apple and Epic Games have been fighting for…
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Hackers steal $600 million in biggest cryptocurrency attack
Biggest hacking related theft in the crypto history took place on Tuesday. Cross-chain decentralized finance (DeFi) platform Poly Network was attacked where the alleged hacker stole $600 million in crypto. The tokens were valued at about $600m, consisting of more than $270m on the ethereum blockchain, $250m on the Binance Smart Chain and $84m on…
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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…
