Page 3 - Latest Updates on Corporation Tax
Biden says no evidence higher corporation taxes will drive companies abroad
President Joe Biden defended his proposal to raise corporate taxes to help pay for his infrastructure spending plans
 "Biden says no evidence higher corporation taxes will drive companies abroad")
Ray of hope: In a surprise, personal tax mop-up rises 2.5% in FY21
6% fall in corporation tax due to Covid-related issues
 "Ray of hope: In a surprise, personal tax mop-up rises 2.5% in FY21")
In US, dozens of big and profitable companies pay no federal taxes
A provision in the 2017 tax bill allowed businesses to immediately write off the cost of any new equipment and machinery.
 "In US, dozens of big and profitable companies pay no federal taxes")
UK to hike corporation tax to 25% from 19% from 2023, says FM Sunak
Sunak said small businesses with profits of less than 50,000 pounds a year would be charged only 19%
 "UK to hike corporation tax to 25% from 19% from 2023, says FM Sunak")
UK's Rishi Sunak to raise business tax to pay for Covid-19 support
Allies of Sunak clarified he would not increase corporation tax higher than 23 per cent
 "UK's Rishi Sunak to raise business tax to pay for Covid-19 support")
AAR in new avatar: Old wine or efficient machinery for disposal of cases?
Experts say while the backlog of cases will most likely be reduced, the quality of rulings may not inspire taxpayers
 "AAR in new avatar: Old wine or efficient machinery for disposal of cases?")
Budget 2021 offers tax sops for aircraft leasing in GIFT City
Tax holiday on capital gains, tax exemption for aircraft lease rentals paid to foreign lessors
 "Budget 2021 offers tax sops for aircraft leasing in GIFT City")
Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P
Budget 2021 LIVE: Finance minister Nirmala Sitharaman in her Union Budget 2021 speech announced a slew of taxation reforms but left personal income tax slab unchanged. Track Budget 2021 highlights
 "Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P")
Personal I-T revenue now equals all other direct taxes: That's a problem
Until the 1950s taxes on output contributed more to government revenue than those on incomes of people and businesses. But since then the balance has gradually been reversed
Budget Byte: Healthy corporate profits may help improve govt spending
Rising corporate profits and relatively unaffected salaries may help continue this trend giving a positive impetus to government spending
 "Budget Byte: Healthy corporate profits may help improve govt spending")
Four key reasons why the AAR is losing its relevance in direct taxes
Set up in 1993 to provide clarity to MNCs about taxability of certain transactions, and later to domestic companies for deals above Rs 100 cr, it has become dysfunctional due to vacancies at the top
 "Four key reasons why the AAR is losing its relevance in direct taxes")
Advance tax mop-up dips 25.5% in Q2, led by plunge in corporate tax: Report
Advance tax collections fell 25.5 per cent to Rs 1,59,057 crore in the second quarter of the fiscal, an income tax official said on Thursday
 "Advance tax mop-up dips 25.5% in Q2, led by plunge in corporate tax: Report")
Impact of corporate tax rate cut to be felt in coming years: Anurag Thakur
Govt said the lowering of corporate tax rate has made India a globally competitive and favoured destination for investment and the impact of this landmark reform will be felt in the coming years
 "Impact of corporate tax rate cut to be felt in coming years: Anurag Thakur")
Covid-19 impact: Direct tax refunds down 16% to Rs 64,428 crore in Q1
Corporation tax refunds stood at Rs 40,482 crore, while income tax refunds stood at Rs 23,828 crore in Q1FY21.
 "Covid-19 impact: Direct tax refunds down 16% to Rs 64,428 crore in Q1")
Advance tax collection falls 31% in Q1, corporation tax mop-up down 79%
Gross direct tax collection fell a full 31% to Rs 1,37,825 crore in the first quarter of FY21
 "Advance tax collection falls 31% in Q1, corporation tax mop-up down 79%")
India's tax-GDP ratio plunges to 9.88% in FY20, lowest in 10 years
While the ratio determines the extent to which the government is able to finance its expenditure, it is also an indicator of tax compliance
 "India's tax-GDP ratio plunges to 9.88% in FY20, lowest in 10 years")
Will consider corporation tax rate benefit extension: FM Sitharaman
Says GST rate reduction to go to Council; Council is likely to meet on Friday through video conferencing.
 "Will consider corporation tax rate benefit extension: FM Sitharaman")
Covid-19 crisis threatens to wipe out gains from corporation tax cut
The tax cut in September last year had resulted in a 10% increase in the post-tax profits of index companies
 "Covid-19 crisis threatens to wipe out gains from corporation tax cut")
How the global market rebound is playing out after coronavirus lows
The sharp rebound was underpinned by trillion dollars' worth of stimulus packages, announced by major central banks
 "How the global market rebound is playing out after coronavirus lows")
Direct tax mop-up falls short by record Rs 1.45 trn of revised estimates
Official figures showed that the gross amount collected under direct taxes as of March 31 was Rs 12.11 trillion
 "Direct tax mop-up falls short by record Rs 1.45 trn of revised estimates")
