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The Institute of Chartered Accountants of India. Opportunities for Chartered Accountants in International taxation. EASTERN INDIA REGIONAL COUNCIL. - C.A. T. P. Ostwal. Opportunities for Chartered Accountants in International Taxation. - PowerPoint PPT Presentation
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Opportunities for Chartered Accountants in International
taxation
May 2013
- C.A. T. P. Ostwal
T.P.Ostwal & Associates
The Institute of Chartered Accountants of India
EASTERN INDIA REGIONAL COUNCIL
Opportunities for Chartered Accountants in International Taxation
May 2013T.P.Ostwal & Associates
Emerging Areas of Practice
• International M& A• Transaction Advisory• Tax Treaty Application
& Interpretation
• Re-organisations, Spin offs and Work outs• Inbound Structuring• Outbound Structuring
• Transfer Pricing• Tax Dispute Resolution including MAP
•Advance Pricing•Arrangements (APA)•Taxplanningtechniques
•Taxation of Immigrants & Emigrants•Turnkey EPC Contracts
EMERGING TAX PRACTICE AND EXPERTISE
1. Domestic Tax Experts
2. Domestic International Tax Experts
3. International – International Tax Experts
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Opportunities for Chartered Accountants in International Taxation
T.P.Ostwal & Associates May 2013
4T.P.Ostwal & Associates May 2013
Opportunities for Chartered Accountants in International Taxation
T.P.Ostwal & Associates May 2013
1. Tax Exchange Information Agreements (TIEA)
2. Foreign Account Tax Compliance Act (FATCA) - US Regulation
3. Foreign Income for tax compliance requirements – Inadvertent trigger
4. Foreign Tax Credit Rules
5. WHT on payments Nokia case -an eye opener
6. General-Anti-Avoidance Rules (GAAR)
7. Direct Tax Code (DTC)
8. Controlled Foreign Corporation (CFC)
9. Thin Capitalization Regulation
10. White Paper on Black Money
LIST OF TIEA’s
11. Organisation for Economic Co-operation and Development (OECD)
Beneficial Ownership
Safe Harbor Rules
Permanent Establishment Issues
T.P.Ostwal & Associates
Opportunities for Chartered Accountants in International Taxation
May 2013
12. Emerging trend in Indian DTAAs
T.P.Ostwal & Associates
LOB clause in Dividend Article
Collection of Tax on behalf of other states (countries)
Examination of tax payers on other countries by Tax Inspectors
Opportunities for Chartered Accountants in International Taxation
May 2013
13. Electronic Commerce
T.P.Ostwal & Associates
Opportunities for Chartered Accountants in International Taxation
May 2013
May 2013
14. Cloud Computing
Opportunities for Chartered Accountants in International Taxation
15. Transfer Pricing
May 2013T.P.Ostwal & Associates
Source: White paper on Black Money, Ministry of Finance, May 2012
Opportunities for Chartered Accountants in International Taxation
Issues and challenges in Transfer Pricing
T.P.Ostwal & Associates
1. Inter Company Accounts Payable / Accounts Receivable covered
2. Transfer of Intangible Properties and business restructuring
3. Corporate Guarantees, keep-well agreements and comfort letters
4. Lack of co-ordination between Transfer pricing policies and customs valuation for Reporting
5. Poor or missing Transfer Pricing procedures and controls within the Group
6. Incomplete Transfer Pricing documentation
7. Safe Harbor Rules
8. Domestic Transfer Pricing
9. UN Transfer Pricing Manual
10. APA
Opportunities for Chartered Accountants in International Taxation
May 2013
12T.P.Ostwal & Associates May 2013
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List of TIEA’s signed by India
1. Argentina (Not yet in force) 2. Bermuda 3. Bahamas 4. Baharain5. British Virgin Islands 6. Cayman Islands 7. Guernsey 8. Isle of Man9. Jersey 10. Liberia 11. Liechtenstein 12. Macao 13. Monaco 14. Sint Maarten (Not yet in force)
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14T.P.Ostwal & Associates
THANK YOU
T. P. Ostwal & AssociatesCHARTERED ACCOUNTANTS
4th Floor, Bharat House, 104 Mumbai Samachar Marg,
fort, MUMBAI-400001. Tel No.: +91-22-40693900Fax No.: +91-22-40693999
Mobile:+919004660107Email: [email protected]
May 2013
