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Infosys has received a significant relief as the Directorate General of Goods and Services Tax Intelligence (DGGI) has closed a GST notice amounting to ₹32,403 crore. This development marks a crucial turning point for the company in its ongoing regulatory challenges.
The Delhi High Court ruled that payments made by Indian entities to Amazon Web Services for cloud computing services are not subject to taxation as royalties or technical fees. The court dismissed the income tax department's petition, affirming that such services cannot be taxed under the Income Tax Act or the India-US tax treaty.
Patanjali Ayurved is under investigation by the Ministry of Corporate Affairs for suspicious financial transactions flagged as potentially irregular by economic intelligence agencies. The company has two months to respond to the notice, amid ongoing regulatory challenges including tax violations and misleading advertising claims. Ramdev and Patanjali face multiple legal cases related to these issues, impacting the shares of its listed subsidiary, Patanjali Foods Ltd, which have dropped nearly 10% this month.
The Delhi High Court ruled that payments made by Indian companies to AWS for cloud services are not taxable as royalties. Customers receive a non-exclusive, non-transferable license to access these services, which does not meet the criteria for "royalty" under the India-US DTAA. This decision is a significant development in the taxation of foreign cloud service payments.
The US is imposing a significant tariff on Apple, threatening a 25% duty if the company does not manufacture iPhones domestically. This follows ongoing scrutiny of Huawei and aims to secure the chip supply chain while potentially raising iPhone prices and exacerbating Apple's sales decline in China. Following President Trump's warning, Apple shares dropped by 3%.
The Federal Department of Finance is appealing a Federal Administrative Court ruling that deemed the cancellation of bonuses for former Credit Suisse executives unlawful. The FDF argues that the court did not consider the extraordinary circumstances surrounding the UBS takeover, which were unforeseen by lawmakers. The case will now be decided by the Federal Supreme Court.
Credit Suisse Services AG has pleaded guilty to conspiring to hide over $4 billion from the US IRS through at least 475 offshore accounts, facilitating tax evasion for US individuals. This tax fraud spanned more than a decade, from January 2010 to July 2021, with a separate incident involving Singapore accounts continuing until June 2023. The bank, now owned by UBS, faces a $510 million fine following a lengthy investigation by US law enforcement.
Oregon Senator Ron Wyden is urging federal prosecution following Credit Suisse's $511 million settlement in a tax evasion case. The Senate Finance Committee's 2023 investigation revealed that the bank allegedly concealed over $700 million offshore for Americans to evade taxes. Wyden asserts that the settlement validates the investigation's findings and is calling for accountability from the Trump Administration.
Credit Suisse Services AG has pleaded guilty to conspiring to hide over $4 billion from the IRS through at least 475 offshore accounts, resulting in a $510 million penalty. The bank aided U.S. customers in evading tax obligations by maintaining undeclared accounts and falsifying records. Following a merger with UBS AG, the latter discovered and froze some undeclared U.S. accounts, agreeing to cooperate with ongoing investigations.
The US Department of Justice has charged Credit Suisse for tax evasion related to over USD 2 billion in undeclared accounts held by US taxpayers at its Singapore branch from 2014 to 2023. This action highlights ongoing concerns regarding financial institutions' compliance with tax regulations.
Tax Policy & Corporate Taxation
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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