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At Global Tax Services ("GTS") our primary focus is on providing specialized tax services required by clients dealing with issues arising from business decisions that impact their taxes. This demands a quick identification of various issues at hand and a timely response with the requisite solution.

At all times, we bring a personalized touch to our service renderings, ensuring the client is aware of all possible tax implications resulting from their business decisions. We work closely with our clients to ensure that we help them achieve their direct objectives.

Being a specialist tax advisory firm made up of highly technical dedicated professionals serving numerous client interests, our clients can be assured of our commitment towards providing the highest level of service with utmost integrity at all times.

Still in its infancy, GTS is a growing firm that has the reputation to match. Our clients have commended us for "providing valuable advice in a timely manner for a reasonable fee". GTS collaborates with a number of other reputable professional firms, organizations and business associates to ensure that our services meet the specific needs of our clients.

GTS is lead by Parwin Dina, who has been highlighted for her 12 years of experience and expertize in International Tax Planning. GTS recently added Ved Aswani to its core tax team who has over 3 years of experience in US and International tax specializing in Corporate/Partnership taxation along with a strong background in Expatriate and High Net Worth Individuals.

Tax consultancy is what we do and all that we do, and we do it well.

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  • Tax developments
Date: 29-Mar-2010
France: Tax on bonuses passed

Published in France’s Official Journal on 10 March 2010, Law No. 2010-237 introduces a one-time 50% tax on bonuses paid to bank traders during 2009. The tax is due on 1 April 2010.

Unlike the proposed version of the tax, which would have applied only to capital markets professionals whose activ...

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Date: 29-Mar-2010
Hungary: Changes to penalty rules in effect

Favorable changes to the penalty provisions in Hungary’s Act on the Rules of Taxation (ART) became effective as from 1 January 2010....

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Date: 29-Mar-2010
Other news in brief

New Zealand – The Revenue Minister has released an issues paper on more changes to New Zealand’s international tax rules, this one focusing on proposing changes to the tax treatment of non-portfolio foreign investment funds (FIFs). The changes build on the 2006 review that identified the tax system as ...

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Date: 28-Mar-2010
United Kingdom - 2010 Budget announced

As expected in the run up to a general election, the 2010 U.K. Budget announced 24 March 2010 contained little of major interest to multinational groups. Modest tax inc...

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Date: 26-Feb-2010
Taiwan Tax
The Ministry of Finance issued Assessment Rules on the Eligibility for
Income Tax Treaty Benefits (Assessment Rules) on 7 January 2010,
which provide guidance on the applicability of Taiwan’s tax treaties and
enable the tax authorities and taxpayers to better interpret treaty
provisions. The Assessment Rules replace the Assessment Criteria for
Eligibility for Income Tax Treaty Benef...


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Date: 26-Feb-2010
Ireland Tax

Ireland’s 2010 Finance Bill, published on 4 February 2010, includes
significant positive changes to the tax landscape, focusing on Ireland
as a knowledge economy and an international headquarters location.
The Bill includes the introduction of a transfer pricing regime. Given the
focus on tax regulation globally, the introduction of formal transfer
pricing rules was...

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Date: 26-Feb-2010
French tax on bonuses paid to bankers proposed

The French Supplementary Budget Bill for 2010 would introduce a new
tax on bonuses paid to bank traders, with the revenue collected being
used primarily to “strengthen the security of depositors.” The move to
tax excessive bonuses follows similar initiatives in the U.K. and the
U.S.
According to the proposal, a new company tax of 50% would be
assessed on bonuses paid by credi...


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Date: 26-Feb-2010
India Tax
As from 1 April 2010, every recipient (whether resident or nonresident)
of India-source income subject to withholding tax must furnish a
Permanent Account Number (PAN) to the Indian payer before payment
is made.
The new rule was introduced into the Income Tax Act, 1961 by the
2009 Finance Act No. 2. On 20 January 2010, the Central Board of
Direct Taxes issued a press release conf...


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Date: 17-Feb-2010
Albania: An ideal place to do business in South-East Europe
A common question from an investor`s perspective is, "why invest in Albania?". Albania is positioned favourably within South-East Europe. Rich in natural resources, such as oil, chromium natural gas, platinum, and copper, it can further enhance its growth and development with the income from these assets.

Since 1997, Albania has taken various ste...

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Date: 17-Feb-2010
Brazil: Brazil introduces thin capitalisation rules
On December 16 2009, Brazil s Executive Branch published provisional measure (PM) 472 which, among other provisions, includes new thin capitalisation rules. Interest paid or credited by a Brazilian entity to a related party (individual or legal entity), not resident or domiciled in a tax haven jurisdiction, may now only be deducted for income tax purposes if the interest expens...

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  • Tax treaty updates
Date: 29-Mar-2010
Tax Treaty updates

Australia-Chile – Once in effect, the treaty signed 10 March 2010 provides for a 5% withholding tax on dividends paid to a company that holds directly at least 10% of the voting power of the payer; otherwise, the rate will be 15%. As a result of special wording in the treaty, the reduced rates will not...

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Date: 26-Feb-2010
Chile-Colombia
The 2007 treaty between Chile and Colombia entered into force on 22 December 2009 and applies as from 1 January 2010. While the treaty provides for a reduced dividend withholding tax rate of 7% and an exemption on certain intercompany dividends, Colombia does not tax dividends and the reduced rates do not apply on dividend payments from Chile (making them subject to Chile’s 35% domestic tax rate, ...

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Date: 26-Feb-2010
Chile-United States
Once in effect, the treaty signed on 4 February 2010 will lower the U.S. withholding tax on dividends. A 0% rate will apply on dividends paid to a pension fund; a 5% rate will apply on dividends paid to a company that owns directly at least 10% of the voting stock of the payer; otherwise, the rate will be 15%. Dividends paid by a regulated investment company will be subject to the 15% rate, while ...

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Date: 26-Feb-2010
Colombia-Korea
Once in effect, the treaty signed on 27 November 2009 provides for a 5% withholding tax on dividends paid to a company that holds at least 20% of the payer; the rate will be 15% where the dividends are paid by a Colombian company that is exempt from Colombian corporate income tax. For Korea, the general rate on dividends will be 10%. Interest and royalties will be subject to a 10% withholding tax.

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Date: 26-Feb-2010
Finland-Poland
The 2009 treaty enters into force on 11 March 2010 and will apply as from 1 January 2011. Once in effect, a 5% withholding tax rate will apply on dividends paid to a company (other than a partnership) that holds directly at least 25% of the payer; the rate will be 15% in all other cases. Interest and royalties will be taxed at a rate not to exceed 5%.

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Date: 26-Feb-2010
Hungary-United States
Once in effect, the new treaty signed 4 February 2010 will maintain the general withholding tax rates on dividends, interest and royalties, while adding provisions on dividends paid by a U.S. regulated investment company or real estate investment trust and exempting dividends received by qualifying pension funds. The new treaty also contains a comprehensive limitation on benefits provision.

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Date: 26-Feb-2010
Japan-Kuwait
Once in effect, the treaty signed on 17 February 2010 provides for a 5% withholding tax rate on dividends if the beneficial owner is a company that has directly or indirectly held at least 10% of the voting shares of the distributing company for a period of six months ending on the date on which entitlement to the dividends is determined; otherwise, the rate will be 10%. The 5% rate will not apply...

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Date: 26-Feb-2010
Malta-Georgia
The 2009 treaty entered into force on 30 December 2009 and generally applies as from 1 January 2010. Under the treaty, dividends, interest and royalties are exempt from source country withholding tax.

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Date: 26-Feb-2010
Malta-Isle of Man
The 2009 treaty between Malta and the Isle of Man enters into force on 26 February 2010 and will apply as from 1 January 2011. The treaty generally exempts dividends, interest and royalties from source country withholding taxes. However, Malta may charge tax on the gross amount of dividends not to exceed that chargeable on the profits from which the dividends are paid so long as Malta operates a f...

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Date: 26-Feb-2010
Malta-Qatar
The 2009 treaty entered into force on 9 December 2009 and generally applies as from 1 January 2010. The treaty exempts dividends and interest from source country withholding tax, while allowing a 5% withholding tax on royalties.

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