Asia: Tax

The Black Money Act of 2015 introduced stringent measures to tax undisclosed foreign income and assets held by resident taxpayers in India. What are the consequences for failing to report foreign income or assets, and how does this legislation impact tax compliance for individuals with international holdings?

India is a key destination for cross-border investments, acquisitions and commercial transactions. In this regard, several foreign law firms partner or collaborate with Indian law firms and financial advisors or act independently to advise Indian clients and multinational groups on transactions, arbitrations and various matters requiring foreign law inputs. Such collaborations have resulted in an increased frequency of foreign law firm personnel visits to India.

The European Commission issued, on 30 April, an official Guidance Note to clarify the customs and tax treatment of pleasure craft — boats, vessels and private aircraft – under EU customs and VAT rules across all 27 Member States.