Other Briefings
India, Canada to Begin Free Trade Talks by the End of the Year
Jun. 25 – India and Canada set to begin talks on a possible free trade agreement by the end of the year. A joint study group is working on a feasibility study that is expected to be finished soon. “The Canadians are very keen that we begin negotiations soon. The intention to start talks this […]
India to Exempt Tax on Selected Services Starting July 1
Jun. 25 – India will exempt tax on services that deal with low-cost housing construction, power distribution, services within ports and airports, selected tournaments and championships, foreign travelers in transit and those flying to and from the northeast starting July 1. “Repair of ships or boats or vessels belonging to the Government of India, including […]
India, Europe to Finalize Free Trade Deal
Jun. 24 – India and Europe are set to finalize a free trade deal by the end of this year that aims to boost bilateral trade to US$66 billion in the next five years. Negotiations begun as early as 2007 but have proceeded slowly due to trade issues presented by both countries. An “in principle” […]
Insurance Sector May Increase Cap on FDI
Jun. 23 – India is considering lifting its foreign direct investment cap on the insurance sector from 26 percent to 49 percent according to Finance Minister Pranab Mukherjee. “We have committed to allow 49 percent and the necessary legislation is pending before the House, as the leg process will be completed it will be done…in […]
Double Tax Avoidance Agreements Still Applicable Despite New Tax Code
Jun. 23 – The revised discussion paper on India’s new Direct Tax Code has assured that Double Tax Avoidance Agreements (DTAA) made with other countries will not be annulled when the new tax code is implemented. Specifically the paper says that, “The current provisions of the Income-tax Act provide that between the domestic law and […]
India’s Bio-Tech Industry Grows by 17 Percent
Jun. 22 – The country’s bio-tech industry grew by 17 percent to US$3 billion during the 2009-10 financial year compared to the previous period, with the bio-pharma market contributing to the majority of growth. According to a survey conducted by the Association of Biotechnology-led Enterprises and the BioSpectrum journal, the bio-pharma made up 60 percent […]
Berkshire Hathaway Enters India Market Via Wholly-Owned Subsidiary
Jun. 21 – Warren Buffett’s conglomerate Berkshire Hathaway has confirmed its entry to the Indian market via a wholly-owned subsidiary that will use a corporate agency license to sell motor insurance policies offered by Bajaj Allianz General Insurance. The modest entry into India will involve the company investing Rs. 500 million, or about US$11 million, […]
Income Tax Exemptions Not Available for New SEZs
Jun. 21 – Income tax exemptions for new special economic zones will no longer be available as confirmed by Revenue Secretary Sunil Mitra. Tax deductions on income will be applicable to existing SEZs based on the latest draft version of the Direct Tax Code. The proposed ruling may affect India’s plans to open 469 new […]
