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From 2017, traders can self-certify goods exported under EU's special Generalised System of Preferences scheme A section of Indian exporters will be able to certify goods headed for Europe from 2017 to the effect that they were made in India, a measure that will help reduce processing time as well as costs. This facility will be available to traders exporting goods under the European Union's special scheme called the Generalised System of Preferences (GSP), a quota of sorts for each country at low or no duty. To ensure that the quota is utilised by the country it is allotted to, the shipments under this facility need to carry a certification that the goods were manufactured in that country. At present, exporters need to get this certification from accredited agencies. This takes time and involves a cost. “We plan to go ahead with the scheme because it benefits exporters. Now, exporters have to pay for getting the certificates issued from notified agencies. This adds t...

Funds with investments in Indian real estate and infrastructure plan to shift base to Mauritius to take advantage of lower tax after India renegotiated tax treaty with Cyprus About a fortnight after India renegotiated its tax treaty with Cyprus many private equity funds with investments in In dian real estate and infrastructure are looking to realign investments and shift base to Mauritius mainly to avail of a 2.5% discount in tax on interest income. These funds invested mainly in debt and are looking to set up new investment vehicles in a way that the income from Indian investments is taxed as per the India Mauritius treaty. This, say many industry trackers, could be the beginning of a flight towards Mauritius for the debt funds that have traditionally preferred Cyprus. This is also a result of the India Mauritius treaty that was renegotiated recently. As the things stand, the shift from Cyprus to Mauritius could save these private equity funds at least 2.5% in taxes paid in Ind...

Firms using analytics to identify best fits and shortlist quality candidates An organisation’s ability to identify, attract, and recruit the right talent when and where needed is the foundation for success. Getting the right quality talent, on time, has traditionally been an uphill task. Organisations typically turn to job sites, referrals, and head hunters to source candidates. The first method does not usually help when it comes to identifying the right fit and usually brings in candidates ‘actively looking for a job.’ Employee referrals and head hunting give better results – as they are most likely to engage ‘passive candidates’ who are a good fit. However, these are time consuming methods and come at a higher cost. A study by Aon Hewitt, conducted in 2015, showed that the time to fill a mid-level position ranges from 30 to 60 days, and is more than 60 days for senior level hires for a majority of companies. Organisations are, therefore, under pressure to look for new and in...

In the wake of the Cabinet clearing aRs. 6,000- crore package for the textiles sector recently, NITI Aayog is pushing for similar reforms in other labour- intensive sectors such as footwear, electrical and electronics engineering, besides light manufacturing segments such as umbrella, cutlery and furniture to generate mass employment. A NITI Aayog official said under- employment is a bigger problem for India than unemployment. Citing a survey on employment by the National Sample Survey Office, he said India’s unemployment rate was around three per cent but under- employment could be much more. He said the problem arises because small- scale industries, which have less than 20 workers, employ 73 per cent of the working population, but contribute only 12 per cent of the total output. While the package for the textiles sector included duty drawback for the garments subsector, the most notable feature was the introduction of the fixed- term employment. To encourage hiring, the gove...

The government has fixed December 31, 2016, as the deadline to multinational companies, including Vodafone and Cairn, to settle their tax issues that arose as a result of the retrospective amendments to the Income Tax Act. The two companies have so far not shown any inkling to opt for the government’s dispute resolution scheme, which opened on June 1. Tax experts say since the principle tax amount is large, a better deal might have to be negotiated for these firms to give up their right to appeal or seek remedy from courts, as the matter has already reached the international arbitration stage. Under the Dispute Resolution Scheme, the government has offered aone- time tax settlement, subject to firms agreeing to withdraw pending cases. In the offer, the government would waive the penalty and interest amount. The interest and penalty in both the Cairn and Vodafone cases are much larger than the original tax demand. In the case of Cairn Energy Plc, the Union finance ministry has i...

www.caonline.in News... 1. NIRC of ICAI is organising National Convention 2016 for CA Students on 14 & 15 July 2016 in Talkatora Stadium, New Delhi. For registeration      visit athttp://goo.gl/uq2TW1 2. Use revised e-form AOC-4  for filing annual financial statement to fill mandatory CSR details likely to be available on MCA portal by 3rd week of July 2016. 3. CBDT issued the following clarifictions: (i)    Issued revises format of issue of Income Tax notices u/s. 143(2). (ii)   Interest paid on deposits of NRs in IFSC banking units in SEZ not liable to TDS. (iii)  Ensure 100% entry of IDS Form 1 received in paper format. 4.Watch your thoughts, they become words. Watch your words, they become actions. Watch your actions, they become habits. Watch your habits, they become character. Watch your character, it becomes your destiny.