Tax treaties provide for a lower rate of tax in the country of source for residents of another country. They also provide for a situation where profits of MNCs are taxable in the source country only if there is a permanent establishment and provide for credit of taxes paid in the source country when the income is taxed once again in the residence country. This is to avoid double taxation.
With an aim to make the Cable Television Networks (Regulation) Act, 1995 more business-friendly and to boost investor confidence in the sector, punishments specified under Section 16 were re-examined and decriminalized through the Jan Vishwas (Amendment of Provision) Act, 2023
Speaking on the occasion of the 55th foundation day of the Institute of Company Secretaries of India (ICSI), the minister said the introduction of the Insolvency and Bankruptcy Code, simplification of regulatory framework, decriminalisation of minor offences and tax changes are among the reforms that have also bolstered the country s business climate.
Lok Sabha gave its nod to a bill to repeal 76 redundant and obsolete laws, with the government saying the move is part of its continuing efforts to improve the ease of living and doing business.