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GST ( Goods & Services Tax) is one of the biggest reforms in the history of Indian tax system. GST affects the indirect tax system. It is a comprehensive tax, levied on manufacture, sale and consumption of goods and services, at the national level. With the implementation of GST, the plethora of indirect taxes at both the central and state...
Foreign Entities in India usually have the following 4 structures: Branch Office Liaison Office Fully owned subsidiary/ Joint Venture LLP   Branch Office - It is treated as an Indian permanent establishment of the foreign company and taxed at 40% of profits in India. It is required to comply with the usual requirements of PAN, TAN, annual returns. Liaison Office...
What is Brexit and what is it's impact on economy and taxation ? Brexit, a portmanteau of "British exit", is the impending withdrawal of the United Kingdom (UK) from the European Union (EU). It follows the referendum of 23 June 2016 when 52 percent of those who voted supported withdrawal. The UK joined the European Communities (EC) in 1973, with...
Business taxes Corporate Tax - Corporation tax is a tax levied in the United Kingdom on the profits made by companies and on the profits of permanent establishments of non-UK resident companies and associations that trade in the EU. Business rates - It is the commonly used name of non-domestic rates, a rate or tax charged to occupiers of...
Inheritance tax Inheritance tax is levied on "transfers of value", meaning: the estates of deceased persons; gifts made within seven years of death (known as Potentially Exempt Transfers or "PETs"); "lifetime chargeable transfers", meaning transfers into certain types of trust.   The first slice of cumulative transfers of value (known as the "nil rate band") is free of tax. Over this...
While calculating taxes, exemptions need to be taken into account. Exemptions on Investment Certain investments carry a tax favored status including: UK Government Bonds (Gilts) - While all income is taxable, gains are exempt for income tax purposes. National Savings and Investments - Certain investments via the state owned National Savings scheme are not subject to tax including Index linked Certificates...
Personal taxes Income tax Income tax is the single largest source of government revenue in the United Kingdom, making up about 30 percent of the total, followed by National Insurance contributions at around 20 percent. More than 25% of all income tax revenue is paid by the top 1% of taxpayers, i.e. taxpayers with the highest incomes and 90% of...
Residence and domicile for tax purpose United Kingdom source income is generally subject to UK taxation whatever the citizenship and place of residence of an individual, or the place of registration of a company. This means that the UK income tax liability of an individual who is neither resident nor ordinarily resident in the United Kingdom is limited to any...
Tax in the United Kingdom may involve payments to at least three different levels of government: central government (Her Majesty's Revenue and Customs) devolved governments local government   Central government revenues come primarily from income tax National Insurance contributions value added tax corporation tax fuel duty   Local government revenues come primarily from grants from central government funds business rates in England and...
Taxation in India is broadly divided into Direct Taxes Indirect Taxes The main difference in Direct and Indirect taxes is the entity on whom the burden to deposit taxes lies. Direct Taxes Applicable on income earned by individuals and companies Responsibility of depositing taxes lies on themselves Indirect Taxes Applicable on sale and provision of goods and services Responsibility of collecting & depositing...

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