Delegated legislation expanded: Finance Bill increases rule making powers for tax and customs compliance and reporting obligations. The memorandum summarises Finance Bill amendments conferring rule making powers to prescribe conditions, forms and timelines across income tax and customs law: including deduction criteria for housing projects, elective corporate tax treatment with prescribed depreciation and filing procedure, computation rules for distributed income on share buy backs, documentation and reporting obligations for international group constituents and reporting entities with a consolidated revenue threshold, and comprehensive regulatory authority for deferred customs payments, warehousing, transit without duty, security requirements and an Indirect Tax Dispute Resolution Scheme.
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Delegated legislation expanded: Finance Bill increases rule making powers for tax and customs compliance and reporting obligations.
The memorandum summarises Finance Bill amendments conferring rule making powers to prescribe conditions, forms and timelines across income tax and customs law: including deduction criteria for housing projects, elective corporate tax treatment with prescribed depreciation and filing procedure, computation rules for distributed income on share buy backs, documentation and reporting obligations for international group constituents and reporting entities with a consolidated revenue threshold, and comprehensive regulatory authority for deferred customs payments, warehousing, transit without duty, security requirements and an Indirect Tax Dispute Resolution Scheme.
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