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Showing posts from October 6, 2015

Tax treaty revision India in talks with Mauritius

The Centre is in talks with Mauritius with regard to the long- pending revision of the bilateral tax treaty, Revenue Secretary Hasmukh Adhia said on Monday. The changes to the three- decade old treaty have been hanging fire amid apprehensions that Mauritius is being used to route unaccounted money. Business Standard, New Delhi, 6th Oct. 2015

BSE implements PTP extends facility to members

Leading bourse BSE on Monday said it implemented Precision Time Protocol ( PTP) at its platform and also started extending it to all the members trading from its colocation facility. BSE becomes the first stock exchange in the country to implement the technology that offers time synchronisations in the range of nano seconds, helping the exchange to leverage the accuracy in all its time stamps. The bourse has extended the PTP services to members trading from its co- location facility, a data centre with racks for computer servers, without levying any additional cost, it said in a statement. Co- location facility allows brokers to host servers near the exchange’s trading platform, facilitating faster execution of trades due to low latency in data transmission. Exchanges across the globe are slowly migrating to Precision Time Protocol because Network Time Protocol is not a suitable framework in todays ultra low latency trading platforms. Earlier in 2014, BSE had launched its equity trading …

BSE implements PTP extends facility to members

Leading bourse BSE on Monday said it implemented Precision Time Protocol ( PTP) at its platform and also started extending it to all the members trading from its colocation facility. BSE becomes the first stock exchange in the country to implement the technology that offers time synchronisations in the range of nano seconds, helping the exchange to leverage the accuracy in all its time stamps. The bourse has extended the PTP services to members trading from its co- location facility, a data centre with racks for computer servers, without levying any additional cost, it said in a statement. Co- location facility allows brokers to host servers near the exchange’s trading platform, facilitating faster execution of trades due to low latency in data transmission. Exchanges across the globe are slowly migrating to Precision Time Protocol because Network Time Protocol is not a suitable framework in todays ultra low latency trading platforms. Earlier in 2014, BSE had launched its equity trading …

OECD Unveils Plan to Curb Tax Evasion by MNCs

Initiative may help India's efforts to amend Mauritius tax treaty; BEPS project will be taken up by G20 finance ministers this week in Peru India's efforts to amend its tax treaty with Mauriti us received a huge boost with a grouping of 34 key world econo mies announcing a new world standard aimed at preventing abuse of double taxation avoid ance agreements. The Organisation for Economic Co-operation and Development (OECD) on Monday unveiled the final plan for “a comprehensive coherent and coordinated“ re form of the international tax rules, called the Base Erosion and Profit Shifting, or BEPS, project which will be taken up by G20 fi nance ministers this week in Li ma, Peru. “All the countries must incorporate anti-abuse provi sions in their treaties...,“ said Pas cal Saint-Amans, director of the OECD's Centre for Tax Policy and Administration, who led the BEPS project. To prevent treaty shopping and countering 'letter-box' compa nies, OECD has suggested a 3 pronged …

Professionals outnumber cos, trusts in declaring wealth during compliance period

Doctors, engineers and former senior managers who used to work overseas -these professionals formed the biggest chunk of those who made use of the 90-day grace period for the declaration of unaccounted wealth. The total amounted to Rs.4,147 crore, the government said on Friday, still below the expectations of experts.There's no split available on how much these individuals accounted for but they dominated in terms of number of filings, exceeding those by companies, trusts and Hindu Undivided Families, said officials who didn't want to be named. But some of these declarations may have been made because of fear and confusion, said tax advisors. The individuals wanted to play it safe, preferring to pay 60% in combined taxes and penalties, rather than getting entangled in the harsh new law on black money . One of them was a senior executive who was posted abroad. “I had advised him to just go to the income tax department and declare the assets as the money earned was through legal …