India: Update: Indian Government To Adopt Majority Of Recommendations Of Expert Committee On Indian General Anti-Avoidance Rule

India’s Finance Minister announced on January 14, 2013 that the Government of India would adopt a majority of the recommendations of the committee constituted to review India’s pending income tax anti-avoidance rule. The committee’s recommendations, summarized in a previous Jones Day Commentary, ” Recommendations of the Expert Committee on the Indian General Anti-Avoidance Rule: A Welcome Step,” dated September 2012, are likely to be included in the forthcoming 2013 Budget, which will be debated in Parliament in […]

By |February 28th, 2013|

United States: High Net Worth Family Tax Report, Vol. 8, No. 1

Remember to file your gift tax return and other follow-up related to 2012 gifts
Many of our clients made gifts during 2012 to utilize the $5,120,000 lifetime exemption from gift tax that was scheduled to be reduced to $1 million after December 31, 2012. If you made gifts in excess of $13,000 per donee, you are required to file a gift tax return on Form 709 even if no gift tax is due because the […]

By |February 20th, 2013|

Turks and Caicos Islands: Tax Relaxation

During the years of the recent property and development boom in the Turks and Caicos Islands (TCI), stamp duty on the real estate transactions became a substantial contributor to Government coffers. All real estate transactions in TCI are subject to stamp duty at varying rates depending on the size of the transaction and on the island on which the real estate is situate. In most cases, stamp duty is charged at the rate of […]

By |February 12th, 2013|