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Alarm bells ring over British Columbia treaty override
Last fortnight, Vancouver, British Columbia hosted the annual International Fiscal Association (IFA) Congress with over 1000 international tax experts representing large MNCs, international tax experts, academicians and tax administrators of several jurisdictions. Expectedly, the buzz centered on India’s Direct taxes code. Most participants expressed anxiety on DTC provisions impacting cross border investments, particularly on General anti-avoidance rules (GAAR) and were perplexed with a position that the Indian domestic law can override a double tax treaty (DTT).

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Uncertainties in new tax code may hit fund inflows: Deloitte
Uncertainties in the government"s proposed Direct Tax Code (DTC) may affect the foreign fund flows into the Indian market and these need to be resolved in time, a top industry official said.

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CM to hand over land to shipping tech unit

Andhra Pradesh chief minister, K Rosaiah, has agreed to hand over the land already allotted for a new shipping technology unit at Visakhapatnam as and when required. He gave this assurance to shipping secretary, APVN Sharma, who called on him on Saturday. - AP seeks Rs 10,000 cr for drought relief - AP govt to spend Rs 30 crore on Hyd roads - Govt working to ease mask shortage - Two more die of swine flue in Andhra - Assembly, Council to condole YSR"s death - Andhra declares drought The chief minister said the state government would extend all support to the Centre for establishment of public sector units and would provide the necessary infrastructure facilities including power and water at lower tariff. According to an official press release, the new shipping unit will meet the requirements of even the defence forces. The chief minister will request the Union government to complete the project in time. Rosaiah also recalled that the Centre had agreed to establish the second unit of Visakhapatnam Steel Plant at a cost of Rs 9,000 crore besides setting up a Central Law University. Meanwhile, the Food Corporation of India has agreed to procure an additional levy of 500,000 tonnes of rice from Andhra Pradesh, FCI chairman, DK Panwar, told Rosaiah. The chief minister said additional godown space would be created by using the private godowns with a 5-year guarantee scheme to store the procured rice.


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