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Aspects of International Taxation – Detail Information About Tax

Aspects of International Taxation – Detail Information About Tax

Aspects of International Taxation : International taxation is the study or determination of tax on a person or business subject to the tax laws of different countries or the international aspects of an individual country’s tax laws as the case may be. Governments usually limit the scope of their income taxation in some manner territoriality or provide for offsets to taxation relating to extraterritorial income. The manner of limitation generally takes the form of a territorial, residential, or exclusionary system. Some governments have attempted to mitigate the differing limitations of each of these three broad systems by enacting a hybrid system with characteristics of two or more.

Important : Detail information about Aspects of International Taxation

Aspects of International Taxation – Detail Information About Tax

Aspects of International Taxation : Many governments tax individuals and/or enterprises on income. Such systems of taxation vary widely, and there are no broad general rules. These variations create the potential for double taxation (where the same income is taxed by different countries) and no taxation (where income is not taxed by any country). Income tax systems may impose tax on local income only or on worldwide income. Generally, where worldwide income is taxed, reductions of tax or foreign credits are provided for taxes paid to other jurisdictions. Limits are almost universally imposed on such credits. Multinational corporations usually employ international tax specialists, a specialty among both lawyers and accountants, to decrease their worldwide tax liabilities.

Important : Detail information about Aspects of International Taxation

Aspects of International Taxation – Detail Information About Tax

Aspects of International Taxation : International Taxation has always been a complex subject both for students and practitioners due to its dynamic and ever changing nature. Further, due to increase in cross border transactions, mergers and acquisitions, e-commerce, capital mobility and so on, the international taxation laws have become more and more complex. This ever increasing complexity in taxation laws of the global village has been a matter of consultations, dialogues, debate, discussions at various forums. The resultant of the same is identification of the concept of Base Erosion and profit shifting (BEPS) and the action points to resolve the issues.

Important : Detail information about Aspects of International Taxation

Aspects of International Taxation – Detail Information About Tax

Aspects of International Taxation : Every practising chartered accountant understands that International Taxation is an upcoming area of practice owing to global developments in respect of BEPS action plans. Since the CA professionals are competent and well prepared to take up the challenges involved in working in the borderless world, ICAI too is geared up to support them in respect of the required knowledge updation. To help it’s members to build the capacities in the area of international taxation, the publication “Aspects of International Taxation- A Study” has been revised by the Committee on International Taxation. This publication broadly covers all aspects of International Taxation, including taxation of non-residents, DTAAs, Transfer Pricing, advance rulings, taxation of e-commerce, Foreign tax credit, BEPS etc. Like the earlier version, this revised version too would be of immense use to ICAI members.

Important : Detail information about Aspects of International Taxation

 

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