Cross-border tax & compliance insights

Streamlined Voluntary Disclosure IRSThe Voluntary Disclosure Practice In March 2009, the IRS instituted the Offshore Voluntary Disclosure Program (OVDP) specifically for taxpayers with secret foreign bank accounts and/or other types of offshore financial assets. The program allowed non-compliant taxpayers to avoid criminal action and limit civil penalties on account of wilful failure to report and pay taxes on […]News · Oct 13, 2021Read the article Retrospective Taxation in India – What is all the Fuss About?What is Retrospective Taxation – Examining the Concept Black’s Law Dictionary defines a retroactive law as a law “that looks backward or contemplates the past, affecting acts or facts that existed before the act came into effect.” Retrospective taxation enables a government to tax certain deals, products, or transactions that took place before the law […]News · Oct 9, 2021Read the article Everything you need to know about the National Monetisation Pipeline (NMP)Asset Monetisation Heretofore Simply put, asset monetisation is converting your asset into cash either through outright sale or by lease.  But the term now has taken a new significance in the context of public assets and how these are monetised.  After World War II, countries had to quickly build up infrastructure and in the absence […]News · Oct 6, 2021Read the article iSAFE Notes: A Powerful Instrument for Startups or a Double-Edged Blade?What is an iSAFE Note? One of the most important phases in the life of a start-up is the pre-money valuation period, where the enterprise strives to raise funds for its future developmental goals. The foundation of the pre-money valuation process is the core stage of seed funding, where a brave few investors choose to […]News · Oct 2, 2021Read the article The US Citizenship Act of 2021, Intricacies, Implications and ShortcomingsWhat is the Citizenship Act of 2021 One of the first aspects that the newly elected President Joe Biden focused on upon entry into office on 20th January 2021, was the transformation of the immigration system through intricate and sweeping reforms. The heart of this widespread reform is encapsulated within the newly minted US Citizenship […]News · Sep 29, 2021Read the article Exploring FEMA rules and FERA rules for repatriation of money in India from USIntroduction to the repatriation of funds For any Non-Resident Indian, the transfer of funds from the foreign currency to Indian Rupees or vice-versa is a necessity. For this transfer, NRIs need to follow certain guidelines under the Foreign Exchange Management Act, 1999 in order to complete the repatriation of funds. As an NRI, you cannot […]News · Sep 24, 2021Read the article A Guide to Core Indian Audit Requirements for US based promotersIntroduction to audit system in India In layman’s terms, an audit is defined as an official inspection of the organization’s accounts conducted by an external independent auditor under Government regulations. The audit system in India is regulated and governed through the laws, The Companies Act, 2013, is the core regulatory law that highlights the essential […]News · Sep 23, 2021Read the article How Can I Claim Tax Credit on My Foreign Income as an Indian Resident?Indian businesses in the modern economy are powerful sources of foreign income into the country, owing to the global proliferation of supply chains that is a part of current trends. For such businesses, a foreign tax credit is a fundamental aspect of their financial existence. A foreign tax credit is a non-refundable form of […]News · Sep 20, 2021Read the article DTAA agreement summary between US and India: How it Matters for Your Business?In the current world of continually advancing globalization and liberalization, international transactions and businesses growing on a global scale are routine scenarios.  Many of the developed and developing countries already have a complex tax structure for residents and multiple forms of entities, such as companies, firms, LLPs, LLCs, etc., and the growing global businesses […]News · Sep 11, 2021Read the article Foreign Accounts On The US Tax Returns As Per The Taxation LawsIn today’s advanced world of globalization, executing business activities outside one’s own country has become easy, especially after the advancement of smart devices such as smartphones and the Internet. If a person or an entity has business outside their own country, it is very likely they would have a foreign bank account or even […]News · Sep 2, 2021Read the article How a CFO plays an important role in a Company’s financial needs?As you may know, an enterprise has three main financial statements: a balance sheet, an income statement, and a cash flow statement. The key elements of business management can be judged by some general indicators, which are hidden in our financial statements. Some people may say, what is the difficulty of looking at financial statements? Isn’t it […]News · Sep 2, 2021Read the article The NFT Marketplace – Potential Evolution of Pharma and Bio-tech?The word “NFT” has become synonymous with digital art, massive payouts for small-time artists, virtual worlds, and of course, memes! However, beneath the trendy and artsy masquerade lies a treasure trove of potential, which is being exploited by the medical, pharmaceutical, and biotechnology industries. There are digital rumors along with entire paradigm shifts being […]News · Aug 27, 2021Read the article Is the role of CFO limited to just financial activities?The role of the CFO has broadened in general over the past decade. Many CFOs today have roles in a wide range of core financial functions, including financial reporting, auditing, compliance, financial planning, and funding and capital structure, as well as corporate portfolio management and capital allocation. In addition, he is positioned as a company-wide talent with […]News · Aug 27, 2021Read the article New Cryptocurrency Tax Structures? – Lessons from El SalvadorOne of the biggest developments in recent times within the world of cryptocurrency has to be the announcement by President NayibBukele regarding the adoption of Bitcoin as legal tender in EI Salvador. The fundamental implication of this announcement, which is geared to come into effect in September of this year, includes the fact that Bitcoin […]News · Aug 25, 2021Read the article Tax treatment of royalty payments from YouTube (Google Ads)Wireless connection technology, specifically in the form of mobile devices, has grown in leaps and bounces over the past decade. Ever since smartphones were introduced, the world has drastically changed, not just in terms of connectivity, but also in terms of the global economy. There has been an explosion of potential digital methods of […]News · Aug 21, 2021Read the article