June 2008
As India forges ahead in attracting foreign direct investments, it is imperative for all foreign investors to be aware of the latest changes and developments in India's tax and regulatory system. Outlined below are some of the key developments:
1) External Commercial Borrowing policy partially modified
The External Commercial Borrowing (ECB) policy is regularly reviewed by the Government of India in consultation with the Reserve Bank of India (RBI) to keep it aligned with the evolving macro-economic situation, changing market conditions, sectoral requirements and the external sector. Pursuant to such review, the ECB policy has been partially modified.
2) Setting up of an office in India proposed to be streamlined
With a view to streamlining the setting up of a Branch Office and Liaison Office in India by foreign entities, the Reserve Bank of India (RBI) proposes to change the regime with effect from 1 July 2008.
3) Ruling by the Authority for Advanced Ruling
Enclosed is a recent Ruling by the Authority for Advanced Ruling on taxability of income arising sale of brand, trademark and brewing intellectual property by Foster's Australia Limited to SAB Miller in India.
If you have any queries regarding this newsflash and/or other Indian tax or regulatory issues, we welcome you to contact us. Our India Desk at PwC Singapore can advise you on such issues as well as other Indian fiscal/regulatory developments which may need to be considered to achieve overall tax efficiency and structuring of your investments into India.
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