The General Data Protection Regulation ((EU) 2016/679)) known as “GDPR” is a response to the rapid technological changes since the Data Protection Directive (95/46/EC) was implemented into national law. It will bring about significant changes to the data protection framework in Europe. The GDPR is a regulation designed to harmonise data protection law across the […]

The British Overseas Territories (BOTs) will be required by the UK government to introduce publicly accessible registers of people with significant control over companies based in those territories.   The new measure will be introduced by way of an amendment to the UK's Sanctions and Anti-Money Laundering.   The Sanctions and Anti-Money Laundering Bill amendment […]

On 07 February 2013, the Ministry of Finance issued Letter No. 03-08-13 clarifying whether a limited liability partnership (LLP) incorporated under the UK legislation may be considered a person for the purposes of the Russia - United Kingdom Income Tax Treaty (1994) (the Treaty). According to article 1 of the Treaty, persons who are residents […]

The Indian Income Tax Appellate Tribunal (ITAT) delivered its decision on 2 January 2013 in the case of Ascendas (India) Pvt. Ltd. v. DCIT (ITA No. 1736/Mds/2011) that the Discount Cash Flow (DFC) method is preferred over the erstwhile valuation guidelines issued by the Controller of Capital Issues (CCI) in order to determine the arm's […]

On 19 February 2013, the United Kingdom and the Isle of Man agreed measures between them to combat tax evasion. The package covers both the automatic exchange of information and a disclosure facility. The disclosure facility runs from April 2013 until September 2016. Taxpayers with liabilities arising from 1999 will be given the opportunity to […]