The president of India on 10 May signed into effect the Finance Act, 2013. Several key amendments were incorporated into the Finance Act during the course of its passage through the Lok Sabha (the lower house of parliament) and the Rajya Sabha (the upper house). The following is a summary of the key amendments made to the Finance Bill, 2013, as proposed by India’s finance minister in his budget speech on 28 February.
Tax residency certificates
The Finance Bill had sought to provide that a tax residency certificate even if in the prescribed format would only be a necessary but not a sufficient condition for claiming benefits under a tax treaty. Responding to concerns raised by investors, the government abandoned the proposal and replaced it with the requirement to provide such other documents and information as may be prescribed. As yet, the government has not indicated what information and documents (if any) will be required for obtaining treaty benefits.
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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.
