United States: Business Leaders, Lawmakers To Rally In Philadelphia Against Medical Device Tax

Leaders of Pennsylvania’s medical and life-sciences communities, Congressman Charlie Dent and other members of the 114th Congress will rally in Philadelphia on Tuesday, February 10, 2015 to repeal a 2.3% tax on the sale of medical devices.

As we recently reported, lawmakers in the House and Senate in January proposed legislation to repeal the tax, which was implemented to partially fund the Patient Protection and Affordable Care Act. Manufacturers of medical devices must pay a2.3% […]

By |February 4th, 2015|

India: Benefit Of Tonnage Tax Scheme Available To Slot Charter Operations On Non-Qualifying Ships

Trans Asian Shipping Services Pvt. Ltd. vs. Commissioner of Income Tax1– Kerala High Court
In the Income Tax Appeals filed by Trans Asian Shipping Services Private Limited (“TASS”), the Hon’ble Kerala High Court has held that slot charter operations would not be denied the benefit of the Tonnage Tax Scheme under Chapter XII-G of the Income-tax Act, 1961 (“the Act”), on the ground that these operations are carried out on non-“Qualifying Ships”. Consequently, assesses are […]

By |February 3rd, 2015|

United States: IRS Clarifies Requirements For Establishing Non-Willful Conduct In Offshore Disclosure Cases

Voluntary disclosure programs exist for taxpayers that are not in compliance with their tax and information reporting obligations with respect to foreign bank accounts and assets.  The Internal Revenue Service (IRS) recently re-released the certification forms used to apply under one such program, the Streamlined Filing Compliance Procedures (SFCP).  This program allows taxpayers who have previously (and non-willfully) failed to file or pay tax on foreign financial assets to come into compliance without the […]

By |February 3rd, 2015|