Corporate Update

On the 1st of July 2021, the OECD nations adopted a High-Level statement containing an outline of the possible solution to address the digital tax challenges arising from the digitization of the economies.  India, which is also a signatory to the statement, has been consistent in its stand to equitably tax the digital economy.    With the advent of the NDA Government in 2014, India’s pitch for accelerated digitization was evenly matched with its quest to tax the growing digital economy, primarily driven by the fact that despite being one of the largest markets, most of the technology giants did not pay income tax in India.    India’s first move:    While a consensus eluded the major nations on the appropriate manner of taxation of the digital economy, India, introduced a new concept called the Equalisation Levy (EL) in the 2016 Budget. India and Israel were among the earliest countries to unilaterally levy a digital tax on the foreign companies. India ...

Economic Laws Practice's weekly bulletin Trade Watch covers key news updates on international trade and customs in India and across the world.   Visit @ https://elplaw.in/wp-content/uploads/2020/10/ELP-International-Trade-and-Customs-Update-October-24-1.pdf

ELP's International Trade and Customs practice helps organizations with global guidelines overseeing their organizations. ELP has a wide ability in taking care of warning and requirement matters including exchange controls, including trade controls and financial approvals. Our group comprehends the considerable legitimate requirements around there with the key administrative organizations, for example, the Ministry of Commerce, Ministry of Finance and Ministry of External Affairs.    Visit @ https://elplaw.in/practicearea/international-trade-customs-practice/

SEBI has taken certain major decisions in its meeting held on September 29, 2020, including following: In case of initiation of forensic audits, listed entities shall make the disclosures to stock exchanges, without any application of materiality; Exemption from the Reverse Book Building process for delisting of listed subsidiary, where it becomes the wholly owned subsidiary of the listed parent pursuant to a scheme of arrangement; For Mutual Funds, introduction of Code of Conduct for Fund Managers including Chief Investment Officers and Dealers of Asset Management Companies; For Alternative Investment Funds, qualification and experience criteria of the investment team, may be fulfilled individually or collectively by personnel of key investment team of the manager; Strengthening the role of Debenture Trustees so as to protect the interest of debenture holders; Change in mechanism with respect to the information to be submitted by informants under the informant mechanism of the SEBI (P...