The Organisation for Economic Co-operation and Development ("OECD")'s Committee on Fiscal Affairs has, on January 30, 2007, adopted a Report titled "Improving the Resolution of Tax Treaty Disputes".
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Labels: committee on fiscal affairs, improving resolution of tax treaty disputes, international taxation, oecd, raj, raj kapadia, report, tax
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The newly introduced service tax on rental income, with an object of taxing, corporates engaged in leasing of office space with plug-n-play equipment, has indirectly hurt several property owners reeling under the fixed terms of contract, for in the case of properties covered by rent control laws, where even the regular yearly increments of rents, cannot be enforced without resorting to process of law, which again takes few years, before being finalized. Now, if the corporates who enjoy the advantage of revising service charges (read - rent) of leasing their properties with plug and play are equated with these landlord, the corporate may end-up passing on the tax to the occupants (read - tenants), thereby don’t feel the pinch, while all those individual landlord, big or small would end up either in litigation or paying higher tax. The indirect tax introduced, directly hits them. I believe the definition of "person" in the act, so far it deals with service tax on property rent, ought to have been simultaneously revised to read as corporate entities AND leasing of property ought to have been explained as those, being with variable terms of contract and tenure
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