Loophole Games - A Treatise on Tax Avoidance Strategies (Paperback Edition) - Taxsutra Reservoir

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Loophole Games - A Treatise on Tax Avoidance Strategies, 3rd Edition (Paperback)
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Loophole Games - A Treatise on Tax Avoidance Strategies, 3rd Edition (Paperback)

by Smarak Swain
About Book:

First edition of Loophole Games was released in April 2019 with loft ambitions of informing business managers, professionals, forensic auditors, and journalists about the extent to which the malaise of tax avoidance has spread its tentacles in India and around the world. Many interesting and structural changes have happened in the world of taxation in this last one year, which prompted me to review the book and come out with an updated edition. The year 2019 saw a sizeable reduction in corporate tax rates in India. The new regime India brought in the year was quite ingenuous. The primary challenge that lawmakers face in designing a national budget is finding a balance between reducing tax rates and providing incentives to priority sectors. The Akhilesh Ranjan Committee on direct taxes had recommended reduction of corporate tax rate and removal of all tax incentives. But the plethora of deductions and exemptions available to various industries cannot be removed overnight. They can only be phased out in a staggering manner. To resolve this dilemma, lawmakers in India have brought a new regime with low tax rate and no incentive, but this new regime does not replace the old regime. The taxpayer has been given the power to choose between the new and the old regime, thus giving more power and discretion to taxpayers. This policy, in a way, pushes for both continuity and change. In line with the recommendations of the Akhilesh Ranjan Committee, the dividend taxation regime has also been changed from dividend distribution tax system to the classical system of taxing dividend.

Tectonic changes are happening internationally. Many countries have introduced levies on sales of digital companies, variously called as equalisation levy and digital service tax. There is an international consensus that such stopgap approach cannot be a substitute for a principle-based solution to tax the digital economy, but no singular solution has still been implemented. Equalisation levy presents its own challenges in implementation, especially since imposition of the levy on non-resident e-commerce operators in India in April 2020. Multilateral Instruments (MLIs) between various countries will start becoming effective from April 2020. It is to be seen how the Principal Purpose Test (PPT) clause, anti-fragmentation rule, new definitions of Permanent Establishment (PE) will play out in preventing treaty abuse.

This updated edition critically analyses these recent developments, and the fault lines, if any, that rogue consultants seek to take advantage of.

Categories: International Taxation, Direct Taxes
Publisher: Taxsutra and Commercial Law Publishers (India) Pvt. Ltd.
About Publisher:

About Taxsutra

Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.

Taxsutra suite of portals : 

1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law 
6.  Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)

About Commercial Law Publishers (India) Pvt. Ltd.

Commercial LAW PUBLISHERS (INDIA) PVT. LTD. which is in the legal publishing business for nearly three decades is now one of the top ranking legal publishers in India–recognized and accepted by diverse professionals and business entities as well as Government Departments in view of the high quality, practical utility as well as diversity in subjects on which it brings out Books. It has the powerful backing of its vast exposure as the leading Books Distributor All over India for over 45 years. From just a couple of titles during the first few years of its publishing activity, Commercial has now around 200 titles and over 350 Bare Acts & Manuals in the field of Direct Indirect Taxes, Corporate Law and Civil/Criminal Laws. It successfully launched the Bare Acts project in the year 1996 and has so far brought out over 350 updated Bare Acts. These are much sought after since these Bare Acts are annotated ones containing notes and brief comments, thus enhancing their utility. Commercial has been bold enough to bring out Books, Commentaries and Referencers on hitherto untouched subjects like Legal Metrology. It has a record number of publications on Income Tax, Company Law, Customs, GST and Students Publications for CA & CS by bringing out high quality publications at affordable prices and is an highly ethical business enterprise. Commercial has withstood the market competition successfully over the years including competition from Foreign publishers and strives its best to serve the legal and corporate professionals better and better every day with its novel ideas and business strategy. Commercial is backed by a team of highly competent in-house professional experts supplemented by high profile authors who have stood by it for decades.

Author: Smarak Swain
About Author:
Smarak Swain : Smarak Swain graduated in Electrical Engineering from Indian Institute of Technology, Kharagpur in 2006, and joined the Indian Revenue Service (IRS) in 2008. He has also done Masters in Taxation and Business Laws (MTBL) from NALSAR University, Hyderabad. He has also authored the critically acclaimed guide to BEPS, Tangible Guide to Intangibles: Identification, Valuation, Taxation and Transfer Pricing. Through his writings, he aims to bring about tax transparency in the way businesses operate and see a genuine increase in India’s tax paying behaviour. In the Income tax department, he has wide exposure in the fields of audit, assessment, investigation, transfer pricing, and international taxation. He is originally from Orissa and currently lives in Bangalore with his family. His articles have been published in The Mint, Economic Times, First Post, and Asia Times.

Similar Books

Ratings and Reviews

Overall Rating
Review
About Book:

First edition of Loophole Games was released in April 2019 with loft ambitions of informing business managers, professionals, forensic auditors, and journalists about the extent to which the malaise of tax avoidance has spread its tentacles in India and around the world. Many interesting and structural changes have happened in the world of taxation in this last one year, which prompted me to review the book and come out with an updated edition. The year 2019 saw a sizeable reduction in corporate tax rates in India. The new regime India brought in the year was quite ingenuous. The primary challenge that lawmakers face in designing a national budget is finding a balance between reducing tax rates and providing incentives to priority sectors. The Akhilesh Ranjan Committee on direct taxes had recommended reduction of corporate tax rate and removal of all tax incentives. But the plethora of deductions and exemptions available to various industries cannot be removed overnight. They can only be phased out in a staggering manner. To resolve this dilemma, lawmakers in India have brought a new regime with low tax rate and no incentive, but this new regime does not replace the old regime. The taxpayer has been given the power to choose between the new and the old regime, thus giving more power and discretion to taxpayers. This policy, in a way, pushes for both continuity and change. In line with the recommendations of the Akhilesh Ranjan Committee, the dividend taxation regime has also been changed from dividend distribution tax system to the classical system of taxing dividend.

Tectonic changes are happening internationally. Many countries have introduced levies on sales of digital companies, variously called as equalisation levy and digital service tax. There is an international consensus that such stopgap approach cannot be a substitute for a principle-based solution to tax the digital economy, but no singular solution has still been implemented. Equalisation levy presents its own challenges in implementation, especially since imposition of the levy on non-resident e-commerce operators in India in April 2020. Multilateral Instruments (MLIs) between various countries will start becoming effective from April 2020. It is to be seen how the Principal Purpose Test (PPT) clause, anti-fragmentation rule, new definitions of Permanent Establishment (PE) will play out in preventing treaty abuse.

This updated edition critically analyses these recent developments, and the fault lines, if any, that rogue consultants seek to take advantage of.

Categories: International Taxation, Direct Taxes
Publisher: Taxsutra and Commercial Law Publishers (India) Pvt. Ltd.
About Publisher:

About Taxsutra

Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.

Taxsutra suite of portals : 

1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law 
6.  Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)

About Commercial Law Publishers (India) Pvt. Ltd.

Commercial LAW PUBLISHERS (INDIA) PVT. LTD. which is in the legal publishing business for nearly three decades is now one of the top ranking legal publishers in India–recognized and accepted by diverse professionals and business entities as well as Government Departments in view of the high quality, practical utility as well as diversity in subjects on which it brings out Books. It has the powerful backing of its vast exposure as the leading Books Distributor All over India for over 45 years. From just a couple of titles during the first few years of its publishing activity, Commercial has now around 200 titles and over 350 Bare Acts & Manuals in the field of Direct Indirect Taxes, Corporate Law and Civil/Criminal Laws. It successfully launched the Bare Acts project in the year 1996 and has so far brought out over 350 updated Bare Acts. These are much sought after since these Bare Acts are annotated ones containing notes and brief comments, thus enhancing their utility. Commercial has been bold enough to bring out Books, Commentaries and Referencers on hitherto untouched subjects like Legal Metrology. It has a record number of publications on Income Tax, Company Law, Customs, GST and Students Publications for CA & CS by bringing out high quality publications at affordable prices and is an highly ethical business enterprise. Commercial has withstood the market competition successfully over the years including competition from Foreign publishers and strives its best to serve the legal and corporate professionals better and better every day with its novel ideas and business strategy. Commercial is backed by a team of highly competent in-house professional experts supplemented by high profile authors who have stood by it for decades.

Author: Smarak Swain
About Author:
Smarak Swain : Smarak Swain graduated in Electrical Engineering from Indian Institute of Technology, Kharagpur in 2006, and joined the Indian Revenue Service (IRS) in 2008. He has also done Masters in Taxation and Business Laws (MTBL) from NALSAR University, Hyderabad. He has also authored the critically acclaimed guide to BEPS, Tangible Guide to Intangibles: Identification, Valuation, Taxation and Transfer Pricing. Through his writings, he aims to bring about tax transparency in the way businesses operate and see a genuine increase in India’s tax paying behaviour. In the Income tax department, he has wide exposure in the fields of audit, assessment, investigation, transfer pricing, and international taxation. He is originally from Orissa and currently lives in Bangalore with his family. His articles have been published in The Mint, Economic Times, First Post, and Asia Times.

Similar Books

Ratings and Reviews

Overall Rating
Review
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