More damage to Indian IT business: US BEAT tax set to double next year

first_imgAs part of delivering on his policy of creating more jobs in America, Donald Trump has introduced tax reforms and visa regulations, among other things. One such tax law is the base-erosion and anti-abuse tax (BEAT) which aims to prevent jobs moving to offshore locations like India.Under the new system, US outsourcing companies having annual turnover of more than 500 million USD will have to pay 5 percent of their revenues as tax to the US government. The tax rate is said to double next year to 10 percent, making it more difficult for American companies to hire offshore work.Read it at CIO Related Itemslast_img read more

Seychelles opposition to block India military deal

first_imgSeychelles’ opposition coalition, which holds a majority in parliament, said on Tuesday it would not ratify a deal signed with India to build a military base on one of the archipelago’s outlying islands.The deal would see India invest $550m in building the base on Assumption island to help it ensure the safety of its vessels in the southern Indian Ocean.Read it at News24 Related Itemslast_img