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GST Will Make India More Competitive, FinMin Says 5/27/2012 The introduction of an Indian goods and services tax will remove the hidden costs causing a lack of competitiveness, Finance Minister Pranab Mukherjee has said, arguing that the new tax will provide a more stable source of revenue, helping create a common market across India.
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EU Hails ETS Aviation Compliance Rate 5/18/2012 The European Commission has claimed early success with the extension of the European Union's Emissions Trading Scheme to flights in and out of Europe, reporting compliance with currently non-mandatory emissions-reporting requirements by more than 99% of operational airlines.
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Malaysia, India Sign Revised DTA 5/10/2012 On May 9, 2012, in Kuala Lumpur, Vijay Gokhale, the High Commissioner of India
to Malaysia, and Wan Abdul Aziz Wan Abdullah, Secretary General of Treasury in
the Malaysian Ministry of Finance signed a revised double taxation agreement between their two countries.
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India To Defer GAAR Implementation 5/9/2012 India’s Finance Ministry is to push back the implementation of its controversial general anti-avoidance rule for a year and will amend some of its key provisions.
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US Issues Annual IPR Country Report 5/3/2012 The Office of the United States Trade Representative has released its annual
‘Special 301 Report’ on the perceived adequacy and effectiveness of
US trading partners’ protection and enforcement of intellectual property
rights (IPR).
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India Obtains TIE Relaxations From Switzerland 5/2/2012 According to a statement from the India’s Ministry of Finance, the Indian
and Swiss governments have signed a protocol to their
bilateral double taxation agreement, which will allow for a 'liberal
interpretation' of the identity requirements before the exchange of information.
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Nations Air Grievances At WTO Anti-Dumping Body 5/1/2012 The World Trade Organization's Committee on Anti-Dumping Practices held a meeting with WTO members recently to present feedback on 30 anti-dumping actions taken during 2011, and to hear nations' current trade policy concerns.
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India Reassures US On Retrospective Tax Plans 4/24/2012 India's Finance Minister Shri Pranab Mukherjee has defended plans for retrospective tax legislation, telling the US Secretary of the Treasury that the proposals merely clarify the intent of current laws.
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Vodafone Challenges Indian Tax Law 4/23/2012 The ongoing tax dispute between India and Vodafone has erupted again, with the telecoms company now serving a Notice of Dispute against the government's controversial new retrospective tax legislation.
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Committee To Review Indian E-Refund Proposals 4/11/2012 A committee is to review India's e-refund system for the reimbursement of tax paid on taxable services used for the export of goods.
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Budget Tax Measures Cause Alarm In India 4/11/2012 The Tax Executives Institute has written to India's Finance Minister to express its concerns regarding retroactive tax legislation, which it says will upset taxpayer expectations and damage the country's reputation as an investment destination.
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Results Of Annual US Review Of Telecommunications Trade Agreements 4/10/2012 United States Trade Representative Ron Kirk has announced the results of
the 2012 annual review of the operation and effectiveness of telecommunications
trade agreements under Section 1377 of the Omnibus Trade and Competitiveness Act
of 1988.
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UK, India Hold Economic And Financial Dialogue 4/6/2012 The UK and India have held their annual Economic and Financial Dialogue, discussing ways to strengthen cooperation and boost trade and investment.
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Indian FinMin To Meet With Jewellers Over Tax Row 4/5/2012 India's Finance Ministry is to meet with representatives of the jewellery manufacturing industry following a row over a new excise duty.
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Australia-India Treaty Protocol Released 3/26/2012 The Australian government has released details of a new protocol to its tax treaty with India, signed in December.
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Guernsey Wealth Management Promoted In India 3/23/2012 Guernsey's offerings as a wealth management domicile were promoted at the India Wealth Forum, held recently in Delhi and attended by Guernsey wealth management
firm Nerine Group of Fiduciaries.
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South Africa Pushes Trade Treaty Talks With India 3/21/2012 The completion of the Preferential Trade Agreement between South Africa
and India was anticipated at a recent business seminar hosted by South Africa’s
Department of Trade and Industry in Chennai, India.
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Indian Budget Signals Further Reform Delays 3/20/2012 India’s 2012 Budget has been unveiled, including a raft of tax measures designed to signal progress in the implementation of a direct tax code and a goods and services tax regime.
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European Aviation Fears EU ETS Backlash 3/19/2012 In joint letters, the heads of some of Europe's major airlines and aviation engine manufacturers have called upon European Union leaders to take action and stop an escalating trade conflict with China and other countries opposing the European Emissions Trading Scheme.
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Canada, India Redoubling Trade Talk Efforts 3/15/2012 With Canada and India hoping to conclude a trade agreement by 2013, Canada's Minister of International Trade has said that growing bilateral trade between the two countries is fuelled by 'strong people-to-people ties'.
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US Challenges Indian Poultry Imports Ban 3/16/2012 The United States government has initiated World Trade Organization proceedings against India's prohibition
of certain American agricultural exports, including poultry meat and chicken eggs,
which the nation says have been introduced contrary to international trade law.
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India's Indirect Tax Revenues On The Up 3/13/2012 India's indirect tax revenue rose 9.6% in February, with the government having now collected 88.7% of its revenue target for the fiscal year to date.
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CII Calls On India To Cut Coal Duty 3/6/2012 The Indian government should consider a reduction in customs duty on non-coking coal, the Confederation of Indian Industry has said.
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International Patent Filings Set New Record In 2011 3/7/2012 Despite difficult global economic conditions, international patent filings under
the World Intellectual Property Organization-administered Patent Cooperation
Treaty set a new record in 2011 with 181,900 applications – up 10.7% on 2010 and the fastest growth since 2005.
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France Cuts Fuel Tax In Reunion 3/1/2012 The French overseas ministry has recently confirmed that fuel prices will be reduced
in the island of Réunion by 8 cents per litre from March 1 until the end
of the year, following a tax agreement reached with the French department’s
local authorities.
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India Prepares For 'Paradigm Shift' With GST 2/29/2012 The implementation of a Goods and Services Tax in India will bring about a 'paradigm shift' in the area of indirect taxation in the country, Finance Minister Pranab Mukherjee has said.
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Indian Jewellery Exporters Seek New Tax 2/20/2012 The Indian Gems and Jewellery Export Promotion Council has urged the government to make drastic changes to the way they are taxed.
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The Netherlands Ups Tax Treaty Negotiations In 2012 2/21/2012 Underlining the government’s commitment to negotiating new tax treaties
with other countries, the Dutch finance ministry has recently outlined details
of its specific plans for 2012.
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Indian Transaction Taxes Causing Grief 2/17/2012 Government plans to lower Securities Transaction Tax and re-impose Commodity Transaction Tax have been attacked by exchanges.
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Canada, India Conclude Latest FTA Talks 2/17/2012 Canada and India hope to complete negotiations on a comprehensive economic partnership agreement in 2013, ministers say, as the latest round of trade talks concludes.
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India Challenges Turkish Cotton Yarn Duties 2/16/2012 India has requested the commencement of negotiations with Turkey at World Trade Organization level over import duties reintroduced by the country on the import of cotton yarn.
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BASIC Countries Slam EU Carbon Tax On Airlines 2/17/2012 The 10th BASIC Ministerial Meeting on Climate Change, held recently in New Delhi,
has heavily criticized the inclusion of international aviation in the European
Union Emissions Trading Scheme.
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St Kitts And Nevis Boosts Tax Cooperation 2/10/2012 Saint Kitts and Nevis's Cabinet has approved the signing of a Tax Information Exchange
Agreement with India and has endorsed the commencement of negotiations towards
similar agreements with a further four nations.
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Singapore Tops 'Doing Business' Index 2/3/2012 The World Bank report, ‘Doing Business 2012’, the ninth in an annual
series, ranks 183 economies on their ease of doing business, and reports a general
improvement in the global business regulatory environment.
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India Likely To Change Tax Law After Vodafone Case 2/6/2012 The Indian government is planning to include additional provisions in the forthcoming Direct Taxes Code in an attempt to avoid future court clashes with multinational companies like Vodafone.
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Tax Stymies Indian Aviation Sector 2/2/2012 Changes to India's tax policy on the aviation sector are paramount to securing
the massive investment required to establish India as one of the top five civil
aviation markets in the world, which is the government's goal.
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India Signs Multilateral Tax Cooperation Convention 1/30/2012 India is the latest signatory to join the multilateral Convention on Mutual
Administrative Assistance in Tax Matters, an agreement drafted to promote international
tax cooperation.
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India Raises Precious Metal Duty 1/25/2012 India has raised the import duty on silver and gold, in a move set to increase revenues with prices for the precious metals expected to remain buoyant.
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Vodafone Wins Indian Tax Dispute 1/25/2012 India’s Supreme Court has ruled that Vodafone Group Plc is not liable for a USD2.2bn bill in back taxes and penalties after the USD11.2bn acquisition of Indian mobile phone company Hutchinson Essar in 2007.
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Essar Oil Dealt Tax Blow By Indian Court 1/23/2012 The Supreme Court in India has set aside the judgement of the Gujarat High Court which ruled in favour of Essar Oil's claim to benefits under a sales tax deferment scheme in the state of Gujarat.
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India Hits Bharti Airtel With Tax Demand 1/23/2012 Bhari Airtel is challenging a INR10.67bn ($210m) demand it has received from the Indian Income Tax Department.
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Jersey Ups Promotion In India 1/12/2012 Jersey Finance has undertaken further promotional activity in India this month
following the signing of a Tax Information Exchange Agreement with the territory
in November to strengthen business ties.
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Indiana Reaches Sales Tax Agreement With Amazon 1/10/2012 Mitch Daniels, Governor of the US state of Indiana, has announced that the state has reached an agreement with Indiana’s largest online retailer, Amazon.com, Inc., to begin collecting Indiana sales tax on internet purchases - the fourth state to reach such an agreement with the online retail giant.
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India Hikes Iron Ore Export Tax 1/5/2012 The Indian government has announced another hike in the export duty on iron ore as it attempts to support the domestic steel industry.
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Cayman TIEA With India Enters Into Force 1/6/2012 The Indian Income Tax Department has announced the implementation of a pending tax agreement
with the Cayman Islands which will provide both nations'
tax authorities with access to tax information on request now the agreement has entered into force.
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Canada Notes Significant Progress On Free Trade In 2011 12/28/2011 The Canadian government has noted the conclusion of a productive third round of
negotiations with India towards a free trade agreement, in talks in Delhi and
at the Eighth Ministerial Conference of the World Trade Organisation, rounding off a hugely sucessful year for Canada in its quest to achieve freer trade links with its trading partners.
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Guernsey Concludes TIEA With India 12/26/2011 Guernsey has welcomed the signing of a Tax Information Exchange Agreement with
India, said to be a major milestone in building business relations with the emerging
market.
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India Predicts Three-Year Doha Delay 12/23/2011 India's Commerce Secretary, Rahul Khullar has noted that Doha Development Round
talks are unlikely to come to fruition in the next couple of years, as governments lack
the political will to bring about long-lasting measures to liberalize world
trade.
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Progress Made In Canada, India FTA Talks 12/16/2011 A third round of talks towards a free trade agreement between Canada and India have taken place, with a view to tripling bilateral trade within the next four years.
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Guernsey Promotes Finance Centre In India 12/15/2011 Guernsey businesses and a delegation from the Guernsey government recently met with practitioners from India’s financial services industry and promoted the island at a number of events, including the Asia Venture Capital Journal conference, where attendees were told of Guernsey’s strength as a leading domicile of choice for private equity funds.
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Singapore Tops Asia-Pac 'Good Governance' Index 12/14/2011 Vriens and Partners, an Asia-focused corporate advisory firm, has issued its 2011
‘Good Governance for International Business’ index of 19 economies
in the Asia-Pacific region, in which Singapore has edged out Hong Kong for the
number one position.
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India Tackles Aviation Taxes 12/7/2011 The high level of tax on jet fuel has once again come to the top of the political agenda in India as the country's aviation industry battles against increasing operating costs and rising losses.
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Pakistan Considering MFN Status For India 12/1/2011 Pakistan's National Assembly has backed proposals to grant India 'Most Favoured
Nation' status under World Trade Organization rules on the condition that the
two countries' negotiators can establish reciprocal benefits for Pakistani exporters.
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Hong Kong Plugs Its Services For Emerging Economies 11/30/2011 Financial Secretary, John C Tsang, speaking at the recently-held 2nd
Annual Emerging Markets Conference, said that Hong Kong, so as to achieve a more
diversified business portfolio, will continue to strengthen trade and investment
co-operation with emerging economies.
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India Has No Plans To Reduce STT 11/29/2011 The Indian government has no plans to lower the securities transaction tax, according to the Minister of State for Finance S.S. Palanimanickam.
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Corporate Responsibility Reporting Hits Record High 11/25/2011 The UK now tops the global rankings for corporate responsibility reporting, with Japan coming a close second, according to a new report from KPMG.
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India, EU Committed To Trade Agreement 11/21/2011 In spite of slow progress and various disagreements, India and the European Union are expected to finalize a trade and investment agreement by early 2012.
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Pakistan-EU Trade Aid Vetoed At Eleventh Hour 11/10/2011 Bangladesh has blocked, at World Trade Organization level, plans by the European Union to apply lower tariffs to certain imports from Pakistan.
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Mauritius Unveils 2012 Budget 11/9/2011 Mauritian Finance Minister Xavier-Luc Duval has recently unveiled details of
the government’s 2012 finance bill, designed to promote export and market
development, and to open up the country’s economy, and providing for tax
measures intended to boost growth and investment and to promote social justice.
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Jersey Welcomes Indian TIEA 11/7/2011 Jersey has welcomed the signing of a tax information exchange agreement with Indian
authorities, at the Indian High Commission in London on November 3.
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Lieberman Promotes US FTAs With Asia 11/6/2011 Senator Joseph Lieberman (I - Connecticut), during a speech delivered at the Heritage
Foundation regarding United States policy in the Asia-Pacific, has emphasized
that America needs an ambitious, forward-looking, and strategically-minded trade
policy for the region.
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Fast Underscores Canadian Trade Priorities 11/2/2011 The Canadian government is committed to deepening the country's trading relationships in priority markets around the world, engaging in ongoing negotiations with key jurisdictions including China, India and the European Union, and reaping the rewards of existing arrangements.
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G-20 Nations Failing To Honour Protectionism Pledges 10/27/2011 Disappointingly weak growth in some G-20 members is testing the political resolve
of many governments to resist trade protectionism, says a new report from the World
Trade Organization, the United Nations and the Organisation for Economic Cooperation and Development,
which examines trade and investment measures implemented in the third quarter of 2011.
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Indian Court Delivers Interim F1 Tax Ruling 10/25/2011 The organizers of this weekend’s Formula-1 motor racing event being held in Greater Noida, India, have been asked by the country’s Supreme Court to deposit 25% of ticket sales revenue into a separate bank account while it deliberates on a challenge to the event being given a tax exemption.
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EFTA, India Hold Ninth-Round FTA Negotiations 10/25/2011 Delegations from the four European Free Trade Association states (Liechtenstein, Switzerland, Iceland and Norway), and India have met
for a ninth round of negotiations towards a broad-based free trade agreement.
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Indian F1 Tax Exemption Contested 10/19/2011 The Indian Supreme Court is looking for an explanation from the Uttar Pradesh government for its decision to give entertainment tax exemption to the organizers of the country’s Formula 1 event taking place at the end of this month.
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India, Philippines To Revise DTA 10/18/2011 India’s Finance Minister Pranab Mukherjee has confirmed that there are on-going
negotiations for a revision of the existing double taxation agreement between
India and the Philippines.
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India Rapidly Expanding Tax Agreement Network 10/17/2011 India is playing a major role in the global crusade against black money and has completed negotiations for 16 new tax information exchange agreements, according to the chairman of the Central Board of Direct Taxes M C Joshi.
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Atlas Targets Asian Trust Services Market 10/18/2011 Atlas Corporate Services Group, a leading international corporate and trust service provider, has announced that it has been granted new licences to operate in the Ras-Al-Khaimah Free Trade Zone and in Mauritius, as the firm expands its global reach into Asia.
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Indonesia, India To Start CECA Negotiations 10/10/2011 At a two-day bilateral ministerial forum, the Indonesian and Indian delegations,
led by Trade Minister Mari Elka Pangestu and Commerce and Industry Minister Anand
Sharma respectively, have agreed to proceed with negotiations on a Comprehensive
Economic Cooperation Agreement between the two countries.
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US Targets Chinese And Indian Subsidy Programmes 10/10/2011 United States Trade Representative Ron Kirk has announced that the US has
submitted information to the World Trade Organization identifying nearly
200 subsidy programmes that China has failed to notify, as well as 50 subsidy
programmes India has not previously notified, as is required under its rules.
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Switzerland, India Sign MoU On Financial Cooperation 10/5/2011 Within the framework of a state visit to Switzerland by the President of the
Republic of India, Pratibha Devisingh Patil, Swiss State Secretary Michael Ambühl
and Chitra Narayanan, the Republic of India Ambassador to Switzerland, signed
a memorandum of understanding on cooperation between the two countries on financial
matters.
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Huge Variations Seen In Global Corporate Tax Rates 10/3/2011 The tax burden faced by businesses varies greatly from country to country, with a wide tax gap between ‘low tax’ emerging economies and the majority of ‘high tax’ developed nations, according to new research.
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India Leads Protest Against EU Carbon Tax On Airlines 10/4/2011 Strong protests have been made by 26 countries, led by India, against European Union plans to tax airlines on carbon emissions in its airspace. These concerns about the Emissions Trading Scheme were expressed at a meeting held in Delhi within the last few days.
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India Reconsiders Securities Transaction Tax Cut 10/3/2011 The Indian Finance Ministry is reportedly looking at reducing or even abolishing the securities transaction tax. This should please investors who have to pay the tax on a share transaction whether they have made any profit or not.
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OECD Notes Fall In Patent Quality 9/28/2011 The quality of patent filings has fallen dramatically over the past two decades as patent offices are overburdened with companies' efforts to protect even minor improvements in products and services, according to the findings of a new report from the Organization
for Economic and Cooperation Development, which also describes which countries are best at facilitating innovative enterprise.
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India To Permit EU Trade Aid To Pakistan 9/21/2011 The Indian government is expected to formally notify Pakistan of its decision to withdraw its opposition to a preferential tariff scheme being offered by the European Union to Pakistan following devastating floods in early 2010.
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Advance Tax Figures In India Send Mixed Messages 9/20/2011 Figures just released show that advance tax payments made by India’s top corporates for the July-September quarter were 18% higher than in the same period a year ago. Analysts believe, however, that the figures could indicate a possible slowdown in the economy.
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Canadian Government Explains Benefits Of EU FTA 9/19/2011 Canada’s Minister of International Trade and Minister for the Asia-Pacific Gateway has been explaining the government’s intention to forge ahead with an ambitious job-creating, pro-trade plan, which includes the conclusion of a free trade agreement with the European Union.
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Tax Man Puts Dampener On Inaugural Indian GP 9/12/2011 The Indian Tax Office is putting a dampener on the last minute preparations for the inaugural Indian Grand Prix due to be held on October 30.
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European Commissioner Reviews IPR Policies 9/12/2011 During a speech in Brussels on international trade and intellectual property rights,
Karel De Gucht, the European Commissioner for Trade, stressed his commitment to
ensure effective protection of those rights both within the European Union and abroad.
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Switzerland Tops WEF Competitiveness Index 9/9/2011 Switzerland tops the overall rankings in the Global Competitiveness Report for 2011-2012,
released on September 7 by the World Economic Forum.
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India Signs Tax Agreement With Uruguay 9/12/2011 The Government of India has signed an agreement with Uruguay for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital.
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EU-Singapore Trade Pact In The Offing 9/8/2011 Following his meeting with Singapore's Prime Minister Lee Hsien Long, the President of the European
Commission, Jose Manuel Barroso (pictured) said that a comprehensive Free
Trade Agreement between the EU and Singapore will likely be finalized 'very soon'.
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Indian State Requests Mineral Resources Tax 9/6/2011 The Chief Minister of the Indian State of Orissa has asked the Prime Minister to impose a mineral resource rent tax on iron ore. He has suggested that the levy is fixed at 50% of the surplus rent.
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India Signs Tax Agreement With Georgia 9/2/2011 The Indian government has signed an agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital with the government of Georgia.
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Canada Embraces Free Trade 8/26/2011 Canada's 'ambitious free trade plan' generates clear benefits, a government minister has said, highlighting the Harper administration's commitment to deepening and broadening Canada’s trading relationships.
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Indian Business Opposes New Mining Taxes 8/25/2011 The government’s proposal to impose a 26% tax on profits from coal mining will make the industry the most heavily taxed in the world and globally uncompetitive, industry body the Associated Chambers of Commerce and Industry of India has said in a representation to the prime minister.
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Taiwan-India DTA Comes Into Effect 8/23/2011 The double taxation agreement between Taiwan and India, which was signed
only last month, entered into force on August 12, 2011.
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Lee Stresses Importance Of KORUS FTA 8/23/2011 In a radio and internet address, South Korea’s President Lee Myung-bak has emphasized the importance of the global market for the country and, within that context, the government’s core strategy of securing free trade agreements.
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Singapore-India DTA Protocol Comes Into Force 8/15/2011 The second protocol to the existing double taxation agreement between Singapore
and India, which incorporates the internationally-agreed Organization for Economic
Cooperation and Development standard for the exchange of information for tax purposes,
will enter into force on September 1, 2011.
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Indian Trade Body Backs GST 8/12/2011 A national Goods and Services Tax could increase economic growth in India by 1.4% to 1.7% with an annual revenue increase of INR1.2 trillion (USD26bn) for the government, according to Indian trade body the Associated Chambers of Commerce and Industry of India.
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QFC Signs MoU With Indian Reserve Bank 8/11/2011 On August 4 the Reserve Bank of India and the Qatar Financial Centre Regulatory Authority signed a Memorandum of Understanding to promote greater co-operation and the sharing of supervisory information between the two regulators.
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Rise In Indian Indirect Tax Collections 8/11/2011 India’s Central Board of Excise and Customs has just released its latest analysis of indirect tax collections in the country, showing that despite a slowdown in industrial output, there has been an increase in revenue from indirect tax.
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Indian Ruling Undermines Mauritian DTA 8/11/2011 A ruling from the Mumbai High Court has cast into doubt the use of structures
in Mauritius to mitigate tax paid in India.
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Hyundai Challenges Indian Tax Claim 8/9/2011 India’s largest car exporter and second largest car manufacturer, Hyundai Motor India Ltd, is challenging a show cause notice that has been served on it by the Department of Revenue Intelligence for alleged customs irregularities over the last five years.
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Vodafone's Indian Tax Bill Hearing Starts 8/5/2011 India’s Supreme Court this week began hearing British mobile phone company Vodafone’s dispute over a huge tax bill slapped on it by the Indian tax authorities, a case which could have major ramifications for other large foreign investors in India.
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Japan-India CEPA Enters Into Force 8/4/2011 It has been confirmed that the Comprehensive Economic Partnership Agreement between Japan and India, which was signed on February 16 this year in Tokyo, entered
into force on August 1, after completion of the necessary legal procedures in
both countries.
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Indian Coal Mining Industry Faces Tax Hit 8/1/2011 The new provisions in the Indian draft Mines and Minerals Act requiring non-coal mining companies to contribute 100% of their royalty to the proposed District Mineral Foundation, and coal mining companies to contribute 26% of their profit to the Foundation, has put the mining sector under pressure, according to the Federation of Indian Chambers of Commerce and Industry.
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Asian FDI Reached Records Last Year 8/1/2011 The United Nations Conference on Trade and Development, in its World Investment
Report 2011, points out that, while global foreign direct investment has
not yet bounced back to pre-crisis levels, some regions, and particularly Asia,
show a better recovery than others.
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