Britain’s biggest companies may have to revise their tax planning after India
proposed controversial new tax laws.
The new laws could see a foreign company with management presence in India
considered tax resident in the country, with global revenues taxed at 25%.
Another expert suggested that India could go back on its current tax treaties
in place with the UK.
“India is gearing up to renege on these tax deals,” said one expert.
India has taken a more aggressive tone on tax issues in recent years, with
Vodafone still fighting a multi-billion pound case, appealing a an earlier
decision in the courts which found it must pay $2bn on its $11bn acquisition of
local mobile group Hutchison Essar.
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
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Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory