• Hungary amends corporate law
  Hungary is likely to amend its civil code making significant changes to the country’s corporate law effective March 2014, reports Nair & Co.’s International Compliance Team.
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• Hungary Extends Exemptions for Transfer Pricing Documentation
  Hungary has implemented changes to the transfer pricing (TP) documentation requirements extending scope of exemptions, says Nair & Co.’s International Tax Consulting Team.
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• IEEE CS Honors Accomplishments of Five Renowned Technologists
  Five prominent technologists working in areas ranging from computer security and parallel processing to pattern recognition and information retrieval have been named as recipients of IEEE Computer Society Technical Achievement Awards.
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• IFRS Vs GAAP
  IFRS Vs GAAP – know more with Nair & Co. We offer an integrated one point of contact solution to better protect you & your company & takes full care of your international operations.
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• IFRS- the universal language of accounting
  In the U.S., the SEC is deliberating on either giving U.S. companies the option of switching from the U.S. GAAP to IFRS or to mandate the conversion as it prepares to release its road map for convergence between the two. Nair & Co. generally maintains accounting books to the parent company’s chart of accounts. In additionNair & Co. maintains a parallel set of accounting books in local GAAP.
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• Impact of Singapore Budget 2013 on Individuals
  Singapore in its 2013 budget reinforces the government’s commitment to carry on with its drive to develop Singapore’s output and maintain strong growth over the long term. Here is a quick glance at the highlights of the Singapore Budget 2013.
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• Income Tax Hike for Dormant Companies in Italy
  Dormant companies in Italy will be paying a higher corporate tax rate in 2012 as per the new Italian tax law. Companies that can be considered ‘dormant’ will have to pay 38% corporate income tax (IRES) tax rate next year compared to the current rate of 27.5%.
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• India – New Rule Allows Use of ‘Other Method’ for Determining Arm’s Length Principle
  The Indian Tax Administration has introduced a new transfer pricing method which uses the ‘other method’ for determining Arm’s length Principle (ALP) for international transactions.
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• India Amends Documentation and Registration Requirements for Foreign Workers in Hyderabad
  Multinationals operating in Hyderabad, India, are now subject to new documentation requirements for foreign workers’ registration and extension applications filed with the Foreigners Regional Registration Office (FRRO).
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• India Announces Marketing and Related Support Services to Affiliate Abroad to Qualify as Export
  In a recent ruling involving Tandus Flooring India Private Limited, the Indian Authority for Advance Ruling (AAR) declared that marketing and related support services rendered by the Indian company to its affiliate entity abroad would qualify as export and hence, not liable to Service tax.
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• India Budget 2012: Highlights
  India moved to close loopholes in the country’s tax laws with the introduction of General Anti-tax Avoidance Regulations (GARR), rationalizing definitions of international transactions and introduction of many new penalties for tax avoidance, non-compliance, and unaccounted money, in its budget 2012.
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• India Clarifies Trademark Rules for Pharmaceuticals
  The Indian government has released a list of international non-proprietary names (INN) as recognized by the World health Organization, which cannot be registered as trade marks for pharmaceutical products.
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• India considers raising wage cap for Provident Fund (PF) and Employees’ State Insurance (ESI)
  The Finance Ministry is considering the proposal put forth before it by the Labor Ministry to raise the statutory wage ceiling for PF contributions to INR 15,000 per month.
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• India Enacts Further Sections of the Companies Act, 2013
  With reference to the effectiveness of India?s new Companies Act, 2013, the Ministry of Corporate Affairs (MCA) has further notified 183 sections and schedules. The newly notified sections have come into effect 1 April 2014.
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• India Extends Due Date for Filing E-forms 23AC (Non-XBRL) and 23ACA (Non-XBRL)
  India has extended the due date for filing of e-form 23AC (Non-XBRL) and 23ACA (Non XBRL) with the issuance of General Circular No.38/2012 dated November 23, 2012.
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• India Introduces Changes to EEFC Account Norms
  The Indian Government has introduced changes to the Exchange Earners' Foreign Currency Account (EEFC) norms. As part of the revision, exporters or individual professionals who have an EEFC account will now have to convert 50 percent of their balances into rupee balances, and they will also be given permission to purchase foreign exchange by accessing the forex market only after extinguishing their existing EEFC account balances.
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• India Introduces E-waste Management Rules for Manufacturers and Consumers of Electronics
  The Indian Ministry of Environment & Forest (MoEF) has introduced e-waste management rules for the safe disposal and handling of e-waste (Waste electric and electronic equipments) in order to reduce and recycle e-waste in the country.
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• India Introduces E-waste Management Rules for Manufacturers and Consumers of Electronics
  The Indian Ministry of Environment & Forest (MoEF) has introduced e-waste management rules for the safe disposal and handling of e-waste (Waste electric and electronic equipments) in order to reduce and recycle e-waste in the country.
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• India Introduces Electronic Signatures for Online Filing of Tax Returns
  The Income Tax Department of India has decided to modify the e-filing tax system to include electronic signatures.
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• India Issues Consolidated FDI Policy to Attract Foreign Investment: Update from International Expansion Services Team
  The Indian government has released consolidated Foreign Direct Investment (FDI) policy guidelines which are expected to simplify India’s FDI rules for foreign investors and stimulate economic growth, says Nair & Co. which provides international expansion services for companies setting up foreign operations.
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