BUSINESS

“While the reduction brings India’s corporate tax rate closer to peers throughout Asia and will support the business environment and competitiveness, a host of cyclical factors, including rural financial stress, weak corporate sentiment, and a slow flow of credit in the financial sector, remain headwinds to near-term growth,” it said.



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The new tax rate of 15% for companies that are incorporated from next month and set up manufacturing facilities by March 2023 has already got consultants thinking about how to optimise a company’s taxes. For instance, a new company that sets up a capacity to manufacture 100 units of a product in the stipulated time frame and adds to it by acquiring a plant or an asset will still be eligible for benefits under the new regime, but on a pro-rata basis.



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The Egyptian Commercial Service (ECS) revealed that the volume of trade exchange between Egypt and the US increased within the first seven months of 2019 hitting $5…



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Banks and digital wallets will now have to pay a stiff penalty of Rs 100 per day if failed transactions are not reversed within a day. This will apply to most digital payments including unified payments interface (UPI), immediate payment system (IMPS), e-wallets, Aadhaar-enabled payment, card-to-card and transactions through National Automated Clearing House (NACH).



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Facebook has suspended thousands of apps associated with nearly 400 developers for a variety of reasons, as it continues to investigate suspicious apps after the Cambridge Analytica data scandal…



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The sharp cut in corporate tax rate has triggered demand and speculation about more measures particularly on the personal income tax side. The government has a report of the task force on direct tax to chart out any future measures on the personal income tax.



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The UAE’s logistics sector has been making great strides over the recent years, as the country retains its advanced ranking across global competitiveness indices thanks to the strong offerings of its free zones and massive infrastructure investments…



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USA and India are racing to negotiate a limited trade deal that US President Donald Trump and PM Narendra Modi can sign at the United Nations general assembly in New York at the end of September, people familiar with the talks said. The deal under discussion with India would lower some tariffs on US produce and restore preferential treatment for some Indian exports to US, sources said.



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