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Also Read: KRA appeals order to grant Ojienda tax certificate
New Delhi: Walmart is likely to approach Indian authorities seeking withholding tax certificates for determining the tax liability in the USD 16 billion Flipkart buyout deal.
They do not, however, allow for issuing the tax certificate, which becomes available once the final TRN has been issued.
In a statement issued on Saturday, the Authority called on all businesses and stakeholders in the UAE to carry out commercial or other transactions using TRNs provided by businesses, urging them not to require tax certificates in order to ensure smooth operations and minimise disruption of work.
A tax certificate is issued by the FTA after a successful VAT registration with the authority.
"My bill that bolsters the FCC's reporting requirements, revives a tax certificate program, and empowers the FCC to assist historically disadvantaged groups is an important step forward in encouraging new entrants into the broadcast industry."
Immunotherapy company CytoSorbents (NASDAQ CM:CTSO) said on Friday that it has been awarded USD385,642, net of transaction costs, in non-dilutive funding as an approved participant of the Technology Business Tax Certificate Transfer Program, which is sponsored by the New Jersey Economic Development Authority (NJEDA).
The memorandum may not have been prepared in connection with the taxpayer's bonds (especially where the bonds were part of a series of "cookie-cutter" deals), but it will provide the analytical basis for the factual representations made by the company in the Tax Certificate. Even if bond counsel, who may have malpractice concerns of its own arising out of the audit, will not provide the memorandum, the taxpayer should insist on an oral presentation of the bond counsel's analysis as soon as possible after the audit commences.
More important, the deal led to the repeal 9f the tax certificate program.
This Article first examines the history and benefits of the FCC's previous minority tax certificate program and the reasons why Congress eliminated it in 1995.
The Federal Tax Authority (FTA)on Saturdaysaid that businesses are not required to present a tax certificate in order to conduct their commercial activities and can simply use their Tax Registration Number (TRN).