Tax and finance have been very much in the news lately. In July, the Finance Bill 2019 was presented by Modi Government 2.0, and now the new Direct Tax Code is under review. Discussions around economic growth, automobile industry downturn, fiscal deficit, bank credits, etc. are common. The Finance Bill 2019 (FB 2019) included amendments to rationalise and clarify the existing TP provisions. The Central Board of Direct Taxes (CBDT) has proposed changes in the draft policy for profit attribution to Permanent Establishment (PE). The litigation matters continued in the same vein and has resulted in some significant judgements. In the Global arena, United Nations has issued its draft report on Financial Transactions (FT); China has published its 10th Advance Pricing Arrangement (APA) Annual Report (AR); Singapore has published TP guidelines on commodity marketing and trading activities apart from regulatory updates in other countries around the world; to name a few. Accordingly, we discuss the above significant events/ happenings in this quarterly issue as tabulated below:
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