May 2023
The emergence of new technologies, transportation systems, and communication networks has led to an increase in global trade and investment. Global trade has paved the way to more opportunities and development. Cross Border trade is an important aspect of globalization, as it allows businesses to expand their markets and reach consumers in different countries. In view of this, we have covered provisions relating to Exports that one must adhere to from FEMA perspective.
Finance Bill 2023 is passed in the Parliament with certain additional amendments which were not a part of the original budget rolled out in February 2023. We have covered certain important amendments of FA 2023 pertaining to International taxation and Transaction Advisory in this edition. Furthermore, we have covered tax residency provisions for natural persons under UAE Corporate Taxation.
We welcome the new Indian financial year with lots of positivity, enthusiasm and finesse. May this financial year bring to you more success and boundless achievements.
With this we present our Bimonthly Newsletter – GBCA Crossborder Insights - Tax & Regulatory Edge focusing on various issues, amendments and recent trends in the areas of FEMA, International Tax & Transaction Advisory
Key Highlights of May 2023 Newsletter Issue are as under:
1. Exports - FEMA perspective
2. Taxability of MLDs and Specified Mutual Funds
3. Increase in Tax rate for Royalty & FTS for Non- Residents
4. TCS on Liberalised Remittance Scheme
5. UAE Corporate Taxation- FAQs on Tax Residence
6. Recent Update and Case Law
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