e-book Tax Insight: For Tax Year 2013 and Beyond

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Goods and Services Tax GST — is a comprehensive national level tax that will be levied on supply of goods and services at a national level.

Senior citizens don’t have to pay TDS on interest income of up to Rs50,000

Considered as the most significant taxation reform in India, GST is all set to integrate State economies and boost overall growth. The BEPS measures involved a two-year consultation process between the OECD, G20, developing countries and the stakeholders from business, academia and civil society organisations. Many more participated in shaping the outcomes through regional structured dialogues. Complying with certain conditions may help in lowering the tax liability of the Company. The Finance Act has proposed to amend the test of residence for foreign companies to provide that a company would be treated as resident in India if its place of effective management in the previous year is in India.

Tax Issues and Special Needs, February 19th 2013

A set of guiding principles to determine POEM is also proposed to be issued. Please enable JavaScript to view the site. Downloads: Tax insights and perspectives. While the long-term future of soda taxes is uncertain, the trend toward government taxation for behavior modification is likely to continue. Across the globe, motor vehicles are becoming more fuel-efficient.

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  • Senior citizens don’t have to pay TDS on interest income of up to Rs50,.
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As a result, traditional fuel-duty regimes are under fire as ineffective in a world where vehicles go farther using less fuel — creating a shortage of funding for roads and other public infrastructure. Alternative-fuel vehicles such as electric cars , while more environmentally friendly than traditional petroleum vehicles, do cause additional harm to infrastructure. For example, they still travel on publically funded roads and may require public investment in infrastructure e.

They still contribute to traffic congestion and road deaths. However, they may have a reduced or zero fuel-tax liability.

Tax Insight

The most innovative discussion on excise taxation in this area has been the introduction of a vehicle mileage tax VMT , whereby the tax would be directly applied to the individual consumer who is using the fuel to propel the vehicle along public roads. The concept is to create a more direct tie to those who are using the highway system with the way the funds are collected and spent.

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The VMT concept has been popularly imposed across Europe for heavy vehicles and fleets, as well as in some US jurisdictions, but the concept of applying it to the general population is still in its infancy. Oregon led the way with a study of the concept of a VMT on the population, which was followed by a second study in and the first volunteer VMT law in Recently, California released the results of its congressionally authorized study and found an opportunity to implement a VMT to increase funding for the transportation system.

Key message

Other US states are following suit in directing their revenue departments to validate a VMT implementation in place of, or in addition to, the traditional fuel-tax regime. While the benefits of a VMT are likely apparent — the equal application of tax across fuel types and the burden of tax imposed on active users of the highway system — the implementation of such a system is riddled with concerns.

The primary barrier is one of privacy, as illustrated in the law initiating the California VMT study.

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  7. Travel locations or patterns shall not be reported, and legal and technical safeguards shall protect personal information. While the concerns about privacy are valid, the Journal of Public Economics 3 noted many benefits of a VMT system implementation. This includes more stable and higher collection of revenue for transportation funding; an increase in social welfare, as traffic might be reduced as people assess the value of their travel; and a more positive consumer response to a VMT in light of negative views toward the historical fuel-tax regime.

    While the VMT is not fully implemented across an entire taxable population currently, the potential for a vast upheaval in taxes for transportation could be on the horizon.

    Tax Insight - M Casey Murdock - Häftad () | Bokus

    While consumption taxes are increasing in revenue collected, excise taxes are increasing in their rates and incidence, but decreasing in terms of GDP and total tax collections. The increase in taxes on general consumption, such as value-added tax VAT , has been well-documented and is even being seen in regimes that have not historically imposed tax, such as the Gulf Cooperation Council GCC states.

    However, and in light of a governmental shift from revenue collection to behavior modification, excise taxation as a percentage of total revenue and total GDP has been in decline. In , excise taxes and duties accounted for Similarly, taxes on specific goods and services had a steady decline as a percentage of GDP from to , yet have remained relatively steady at 3.

    However, this is not the whole picture. Looking across the tax landscape, excise taxes are increasing both in rate and incidence. Tobacco, in particular, saw a large number of rate increases.