Monday, 14 March 2016

India’s 2016 budget includes BEPS-related measures

The Indian budget for financial year 2016-2017 (1 April 2016 to 31 March 2017), including over
110 proposed amendments to the direct tax law, was presented in parliament on 29 February
2016. Notably, the budget contains various tax proposals relating to the OECD’s base erosion
and profit shifting (BEPS) project, including the introduction of country-by-country (CbC)
reporting and transfer pricing documentation, a patent box regime and an equalization levy on
specified digital transactions. In addition, the budget provides that the government will continue
working toward the introduction of a single nationwide goods and services tax. The proposed
measures generally would apply as from 1 April 2016, unless otherwise noted. The budget is
expected to be enacted in May 2016, once it clears the lower house of parliament and is
approved by the president.
Source & more info: Deloitte