Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Via Vittor Pisani, 16 - Milano
26 Maggio 2016 - Ore 14.30 – 18.00 Doing Business Abroad India: the keys to success
Padova – 26 Maggio 2016
www.foxmanda
l.in
Milan, May 25, 2016
Doing Business in India: The Keys
to Success
3
Italy is the 14th largest investor in India (US$1.2 Billion via FIPB/SIA approvals between April 2000-August 2012)- less than 0.65% of total FDI but multiple familiar brands across sectors.
• Why India?
• Government Policies & Programs driving India’s growth
• Modes of Investment & Options of Entry
• Capital and Funding
• Operations I (FEMA, MCA, LABOUR, COMPETITION/ANTIRUST)
• Operations II (IPR, TAX)
• Due Diligence
• Exit / Judicial & ADR
OUTLINE
WHY INDIA? • #1 destination for foreign investment by capital in
2015
• Government focus on “ease of doing business”
• Skilled, English-speaking, cost-competitive, young labor and managerial human resources
Liberal FDI rules
Double Taxation
Avoidance Agreement
(DTAA, 1996) Bilateral
Investment Treaty (BIT,
1995)
Stable democracy, rule of law
PROGRAMS SPEEDING INDIA’S GROWTH • Make in India
• ‘Smart Cities‘
• Sector specific benefits
• Policy reforms, single window clearances
• National Industrial Corridor Development Authority
• National Investment and Infrastructure Fund (NIIF)
• Budget 2016-17
• Real Estate (Regulation and Development) Act, 2016
• The Insolvency and Bankruptcy Code, 2015
ENTRY OPTIONS • FDI : Permitted / Partly permitted / Prohibited
Automatic route w/o approval in policy specified sectors
Government route with approval from FIPB, DEA, MoF, RBI/Sector
regulator as reqd.
Instruments : Equity or Convertible to equity/ ECBs (pricing guidelines
in case of optionality clauses)
• Reporting procedures
• Downstream investment in 2nd level Indian cos. : notify SIA, DIPP
+ issue/transfer/pricing guidelines according to SEBI/RBI
Unincorporated entities
Liaison/Rep Office
Branch office
Project Office
Incorporated Entities
JV
WOS
Partnerships
Unlimited Partnerships
LLP
FOREIGN INVESTORS
CHOICE OF LEGAL ENTITY IN INDIA
Entity What it can/cannot do
Regulatory / ease of
incorporation
Taxation Primary benefit
Liaison Office
No commercial activities
Place of operations + 1 authorized rep
No-income/no-tax, annual compliance
Useful for testing the market & routing
goods from India, only TDS returns
Branch Office
No manufacture/ certain commercial
activities
Place of operations + 1 authorized rep
As a foreign company for profits
earned
No DDT/ entire surplus repatriated to head
office
Project Office
Only for a particular project/purpose
Place of operations + 1 authorized rep
As a foreign company for profits
earned
Focused on objective of project
JV Wide scope as an Indian company
Can be incorporated in compliance with
existing laws
Unincorporated entities taxed as
AoP
With a good partner, most suitable to enter the Indian market with
a lower investment/ Ring fences liability if incorporated entity
WOS Fully functional as Indian company in sectors permitted
for FDI
Regd office+ 2 members +2 directors
(1 resident) + min capital requirement of app 1 lakh + FDI & ECB
permitted
Same as Indian company
Treated like an Indian company, therefore no
restrictions on activities to be
undertaken
LLP In sectors under automatic
investment approval route
2 Partners , agreement reqd for
setup, no ECBs, direct investment subject to
minor conditions
Same as Indian co. No DDT/ no buyback tax
• Allowed in Indian cos., partnership, proprietary concern, VCF, LLP – not in Trusts • Equity shares/ fully, compulsorily, mandatorily convertible
preference shares or debentures (upfront pricing, valuation as per FEMA)
• Debt (incl non-convertible/ optionally/ partially convertible preference shares or debentures/ bank loans, buyers’ credit, suppliers’ credit, securitised instruments) conform to ECB Guidelines relating to eligible borrowers, recognized lenders, amount, maturity, end-use restrictions
• Fund flows through Singapore/ Mauritius normally exempted from CG tax due to treaty (amended wef 1 April 2017)
CAPITAL/ FUNDING
• Reporting requirements
• FDI inflow, Details of amount of consideration, FIRC, receipt of remittance, KYC, FC-GPR, CS Certificate
• Transfer of shares through FC-TRS
• Sale proceeds freely remitted if security on repatriation basis, NOC from IT
• Remittance on Winding up/liquidation subject to NOCs
• Violation of FDI regulations are covered under penal provisions of FEMA, enforced by the Directorate of Enforcement under the Ministry of Finance. RBI is primary regulator for FEMA
• 3x contravention amount or 0.2 million USD + penalty for continuing offence
• Dividends freely repatriable without restrictions (net after applicable taxes)
• Winding up proceeds remittable subject to tax clearance/ auditor certificate
FOREIGN EXCHANGE MANAGEMENT ACT
OPERATIONS I
• 36 major labour laws out of which 7 social security laws, 11 state-specific
• Consequences for non-compliances – monetary &/imprisonment
• Mandatory registration
• ESI & EPF & gratuity and contributions compulsorily payable
• Higher compliance as laws are geared in favour of employees
• Companies Act – 105 filings (periodical/event-based)
• Penalty (Special Court, fine and/or imprisonment)
Multiple regulators (MCA, RBI, MoF, DIPP, MoC&I)
OPERATIONS II: ANTITRUST CRITERIA ASSET TURNOVER
Party
Jurisdiction (India)
> INR 15000 mn > INR 45000 mn
Global > 750 mn USD + min. INR 7500 mn in India
> 2250 mn USD + min. INR 22500 mn in India
GROUP
Jurisdiction (India)
>INR 60000 mn >INR 180000 mn
Global > 3000 mn USD + min. INR 7500 mn in India
> 9000 mn USD + min. INR 22500 mn in India
• Simplification in filing Patent applications, 4-5 years for grant
• 3 filing routes: • Direct filing
• Convention route
• PCT – National phase route
• ™ Madrid Protocol, 2013, single application procedure • Improved domestic filing process / 1-2 years for registration
OPERATIONS II: INTELLECTUAL PROPERTY
RIGHTS
15
Direct
Taxes
Income Tax
CG
DDT MAT/AMT
Indirect
Taxes
Customs
Service
VAT, Octroi,
Entry Tax Excise
CST
Choice of entity & entry mode should be determined by operational needs, tax
efficiencies, regulatory compliances and funding flexibility
• Authority to levy taxes both with Centre and State.
• Financial Year in India = April 1 to March 31
• Direct Tax Rates • Domestic Companies : ~34.6%
• Foreign Companies: ~43.26%
• Indirect Tax Rates
• Service Tax: ~15%
• Excise Duty: ~12.5%
• VAT: 0-20% (State, product specific)
• Customs: ~29.44% (assumption of assessable value @ Rs. 100)
• Entry Tax/Octroi (State, product specific)
TAX STRUCTURE
• Corporate and Secretarial
• Contracts and Commitments (including Insurance)
• Licences, Authorisations, Permissions and Approvals
• Employment/ Human Resources (contracts, policies etc.)
• Factory Related Compliance
• Compliance with other Social Security and Industrial laws
• Compliance with Environmental laws
• Real Estate (Properties, Leases)
• Intellectual Property
• Pending litigation
DUE DILIGENCE: WHAT TO FOCUS ON
Closure & termination of operations
Liquidation/Winding-up (Reporting + NOCs)
Buy-Sell, M&A Or Third Party sale of securities
[ Call Options - (strategic investors, sectors with caps) Put Options (PE/VC, financial investors, securing
profits), Drag rights]
Deadlock & Dispute Resolution
EXITS
India is an attractive investment destination
The Government is making it easy for companies to do business in India
India still has a relatively complex set of laws that govern different aspects of business
A joint venture may not always
be the best entry strategy
Good research and professional advice will help you formulate smarter choices and make better decisions
IN SUMMARY….
GRAZIE! Please feel free to get in touch with me if you have any
questions.
[email protected] Mobile : (+91) 99 45 061121
This presentation is for informational purposes only and does not constitute legal advice.
www.foxmandal.in
The Indian
Judicial System
An Overview
May 2016
Introduction
The Indian Judiciary is a continuation of the
British Legal system known as the ‘Common
Law System’.
The Indian Judiciary has various levels of
powers and jurisdictions.
Supreme Court of India
High Courts of 29 States
Sessions Courts and Judicial Magistrates
District Courts and Courts of Civil Judges
Civil and Criminal Jurisdiction
Original and Appellate Jurisdiction
Extraordinary Jurisdiction of the Supreme
Court of India and the High Courts of each
State
Jurisdiction
Hierarchy of
Courts
(Civil Suits)
Supreme Court of India
Highest Appellate Jurisdiction
Extraordinary Writ Jurisdiction
High Courts of each State
Original Jurisdiction
Appellate Jurisdiction
Extraordinary Writ Jurisdiction
Powers of a Company Tribunal
District Courts
Original Jurisdiction
Appellate Jurisdiction Court of Civil Judges
Original Jurisdiction
Summary Suits - prescribed under Order 37 of the
Code of Civil Procedure, 1908
Leave to Defend – 10 days’ time - Court to decide -
Defendant to show he has a possible defence
If Leave to Defend granted - Suit becomes an
ordinary civil suit
If Defence is illusory or mere moonshine - Leave to
Defend rejected
Immediate judgment if leave to defend rejected
Summary Suits/ Trial
Hierarchy of
Courts
(Criminal Cases)
Judicial Magistrates
Original Jurisdiction
Chief Judicial Magistrate : Sentence not exceeding
imprisonment of 7 years and /
or fine
Judicial Magistrate : Sentence not exceeding
imprisonment of 3 years and/or fine
Sessions Courts
Original Jurisdiction
Appellate Jurisdiction
High Courts of each State
Original Jurisdiction
Appellate Jurisdiction
Supreme Court of India
Highest Appellate Jurisdiction
Dishonor of cheque/s – Section 138
Timeline prescribed by the statute for instituting
proceedings
MAIN INGREDIENTS
Cheque drawn and issued in discharge of existing debt
Cheque has been presented with the Bank within its
validity (3 months from date on the cheque)
Cheque is returned unpaid by the Bank
Holder of cheque demands payment of the amount within
15 days by issuing demand notice within 30 days from
dishonor
Issuer of cheque fails to make payment
Complaints under the Negotiable
Instruments Act, 1881
Criminal complaint - to be instituted within 30 days
from the date of expiry of the 15 days time provided
in the demand notice
Jurisdiction – Judicial Magistrate having territorial
jurisdiction where the Drawee Bank is situated
Offence under Section 138 – Punishable with
imprisonment or fine or both
Imprisonment – Up to 2 years
Fine –Up to twice the cheque amount
Company Law Board
• Constituted under the Indian Companies Act, 1956
• Principal Bench at New Delhi, and four Regional
Benches located at New Delhi, Mumbai, Kolkata
and Chennai.
• Quasi-judicial body, exercising equitable jurisdiction
• Appeal to the High Court against an order passed by
the Company Law Board
National Company Law
Tribunal
• Proposed by the Indian Companies Act, 2013
• Proposed to include powers of:
– Company Law Board
– Board for Industrial and Financial Reconstruction
– Relating to winding up of companies
– Restructuring , mergers and acquisitions
• Appeal from an order to lie to the National Company
Law Appellate Tribunal
Arbitration
Conciliation
Mediation
Lok Adalats
Consumer Fora
Tribunals
Section 89 of the Code of Civil Procedure, 1908
• Blends judicial and non-judicial dispute resolution
mechanism and embraces the provision for
settlement of dispute outside the court.
• Permits Indian Courts to refer matters for settlement
through Alternative Dispute Resolution (ADR)
• ADR mechanism as contemplated by Section 89 is
Arbitration or Conciliation or Judicial settlement
including settlement through Lok Adalat
or Mediation.
• Binding effect like court orders / decrees
Arbitration
• Domestic and International Arbitration
• Recognized by courts in India and reciprocity with
47 other countries as notified by India
• High Court of each State has an Institutional
Arbitration Centre
• Major Arbitral Institutions operate from India
• Maximum Judicial Support, Minimal Interference
• No interference by Indian Courts in granting interim
reliefs in International Commercial Arbitrations
outside India unless parties have agreed
• Limited scope of a party refusing to refer a dispute
to Arbitration
• Time bound proceedings / Fast Track procedure
• Recognized as decree for enforcement
• Limited grounds for appeal for ICA awards passed
outside India
Domestic Arbitration International Commercial
Arbitration
Governed by Part I of the
Arbitration and Conciliation Act
Governed by Part II of the
Arbitration and Conciliation Act
Both parties to the arbitration
agreement are nationals or
residents of India
Arising from a legal relationship
which must be considered
commercial, where either of the
parties is a foreign national or
resident or is a foreign body
corporate or is a company,
association or body of individuals
whose central management or
control is in foreign hands
The Arbitration takes place in
India.
Arbitration may take place in
India or outside India
Reciprocal countries notified by India for
recognition and enforcement of foreign awards
Europe
• Austria
• Belgium
• Bulgaria
• Czech Republic
• Denmark
• Finland
• France
• Germany
• Greece
• Hungary
• Italy
• Norway
• Poland
• Romania
• Russia
• San Marino
• Spain
• Sweden
• Switzerland
• The Netherlands
• United Kingdom
Asia & Australia
• Australia
• China (including
Hong Kong and
Macau)
• Japan
• Kuwait
• Malaysia
• Philippines
• Republic of Korea
Singapore
• Syria
• Thailand
The Americas
• Chile
• Cuba
• Ecuador
• Trinidad & Tobago
• The United States of America
Africa
• Botswana
• Central African
Republic
• Malagasy
Republic
• Morocco
• Nigeria
• Egypt
• Tunisia
• Tanzania
Reciprocating Territories as per Section 44A of
Code of Civil Procedure, 1908 for recognition of
foreign judgments
• United Kingdom
• Singapore
• Hong Kong
• UAE
• Malaysia
• Bangladesh
• Trinidad & Tobago
• New Zealand
• The Cook Islands (including Niue)and The Trust
Territories of Western Samoa
• Papua and New Guinea
• Fiji
• Aden
Mediation
• Form of Alternate Dispute Resolution viz. settlement
of disputes by way of negotiation.
• Legally recognized by Courts in India
• Effective and economical
• Settlement binding on parties as a decree upon
acceptance by Court
• End to further litigation on same dispute
Lok Adalats
‘Lok Adalat’ - Exercised by District and High
Courts
Conciliatory proceedings
Judicial approval
Binding as a decree
Consumer Disputes Redressal
Forums
Consumer Forums are established to protect the
interest of consumers against unethical and
unfair trade practices.
Consumer beneficial legislation
Summary proceedings
Principles of natural justice followed
Economical and speedy redressal
Hierarchy of Consumer Forums
District Consumer Forums
Original Jurisdiction: within pecuniary limits of INR 2 Million
All Forums have power to impose penalties in the form of imprisonment or fine or both
State Consumer Disputes Redressal Commission
Original Jurisdiction: within pecuniary limits of INR 10 Million
Appellate Jurisdiction: District Forums
National Consumer Disputes Redressal Commission
Appellate Jurisdiction: Consumer Appeals from the respective State Consumer Disputes Redressal Commissions
Original Jurisdiction: Pecuniary limit exceeding INR 10 Million
Tribunals
Tribunals are statutory fora to adjudicate on
specific areas of grievance
Questions of law or fact that affects rights of
citizens
Judicial or quasi-judicial functions
Principles of natural justice followed
Order of Tribunal can be challenged
Some examples of Tribunals in India are:
The Debts Recovery Tribunal
The National Green Tribunal
Industrial Tribunals
Income Tax Appellate Tribunal
Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
Pirola Pennuto Zei & Associati - Padova - 26 Maggio 2016
Strumenti legali e di investimento per le aziende italiane interessate all’India
Relatore: Dott. Yuri Zugolaro
India: the keys to success
52
Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
Come operare in India
STRUTTURA DEL BUSINESS (presenza diretta vs distributori/agenti indipendenti)
LUOGO E MODALITÀ DI TASSAZIONE DEI REDDITI PRODOTTI
(branch vs subsidiary)
EVENTUALE DOPPIA IMPOSIZIONE (rimedi – es. convenzioni)
RIPARTIZIONE DEI MARGINI
(transfer price)
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Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
Come operare in India
Possibilità di operare in India:
senza presenza stabile all’estero
liaison/ufficio di rappresentanza
project office
agenti/distributori indipendenti
con presenza stabile all’estero
branch
succursale
joint venture
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Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
Come operare in India
Liaison/ufficio di rappresentanza:
Attività promozionale, di pubblicità, di informazione, di ricerca di mercato
Esclusa la possibilità di intraprendere attività di carattere commerciale o industriale e pertanto di conseguire utili in India
Project office:
Possibilità per una società estera di sviluppare specifici progetti in India tramite la costituzione di un ufficio temporaneo.
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Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
Come operare in India
Branch:
E’ priva di personalità giuridica. L’entità legale è la società di diritto italiano
Lo Stato estero assoggetta ad imposte il reddito prodotto dalla branch. Tale reddito è tassato anche in Italia ove è riconosciuto un credito d’imposta per le imposte pagate all’estero.
Dal 2016 possibilità di applicare il meccanismo della Branch exemption (meccanismo dell’all in / all out – diverse peculiarità da valutare).
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Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
Costituzione di una società in India:
E’ soggetta al diritto dello Stato estero (governance, capitale, contabilità, ecc.)
Il reddito prodotto dall’impresa estera è soggetto alla potestà impositiva esclusiva dello Stato estero (salvo deroghe speciali)
Si applicano le norme convenzionali (ritenute ridotte su royalty, dividendi, interessi, ecc.)
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Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
Convenzione contro le doppie imposizioni
Convenzione per evitare le doppie imposizioni tra il Governo della Repubblica Italiana ed il Governo della Repubblica
Indiana
Firmata a New Delhi il 19.02.1993
Ratificata con Legge n. 319 del 14.07.1995
In vigore dal 23.11.1995
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Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
Convenzione contro le doppie imposizioni
Dividendi – Art. 11
Se il percettore è il beneficiario effettivo dei dividendi l'imposta applicata alla fonte non può eccedere: a) il 15 per cento dell'ammontare lordo dei dividendi se il beneficiario
effettivo è una società che detiene almeno il 10 per cento delle azioni della società che corrisponde i dividendi;
b) il 25 per cento dell'ammontare lordo dei dividendi in tutti gli altri casi.
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Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
Convenzione contro le doppie imposizioni
Interessi – Art. 12
Gli interessi provenienti da uno Stato contraente e pagati ad un residente dell'altro Stato contraente sono imponibili in entrambi gli Stati contraenti.
L’imposta applicabile in uno Stato contraente sugli interessi provenienti da detto Stato e pagati ad un residente dell'altro Stato in relazione a prestiti o debiti, non può eccedere il 15 per cento dell'ammontare lordo di tali interessi.
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Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
Convenzione contro le doppie imposizioni
Canoni – Art. 13
I canoni ed i corrispettivi per servizi tecnici possono essere tassati nello Stato da cui provengono ma se il percettore é il beneficiario effettivo, l'imposta applicata non dovrà essere superiore al 20% dell'ammontare lordo.
Definizione di “canoni”: compensi per uso o concessione di diritti d’autore su opere letterarie, artistiche, ecc., brevetti, marchi, disegni o modelli, progetti, formule, ecc., uso o concessione di attrezzature industriali, commerciali o scientifiche, ecc.
Definizione di “corrispettivi per servizi tecnici“: pagamenti effettuati a chiunque, ad eccezione dei dipendenti del soggetto che li esegue, per servizi di natura organizzativa, tecnica, consulenza, e prestazioni di servizi di natura tecnica o di altro personale.
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Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
Convenzione contro le doppie imposizioni
Il problema delle “technical service fees” e del recupero delle ritenute subite da società italiane
L’India sottopone a tassazione nello Stato della fonte i corrispettivi per
servizi tecnici resi a società estere; deroga rispetto al Mod. OCSE di Convenzione contro le doppie imposizioni.
Implicazioni per la società italiana che subisce la ritenuta alla fonte:
- Problema di qualificare il reddito come “prodotto all’estero” ex art. 165, Tuir: mancanza del requisito di reciprocità?
- la questione reciprocità è «superata» dalla Circ. Min. 05/03/2015 n. 9/E «in applicazione della norma convenzionale, pertanto, il diritto al credito viene riconosciuto in riferimento a qualsiasi elemento di reddito che lo Stato della fonte ha assoggettato ad imposizione conformemente alla specifica convenzione applicabile»;
- inoltre, il comma 2 dell’art. 15 del D.Lgs. 147/2015 («internazionalizzazione») ha fornito un’interpretazione autentica
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Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
del comma 1 dell’art. 165 TUIRR: considerando accreditabili in relazione al requisito di reciprocità, oltre alle imposte previste dalle convenzioni, anche tutte le imposte sul reddito (imposte dirette). In caso di obiettive condizioni di incertezza nel riconoscere la natura dell’imposta estera è possibile presentare istanza di interpello.
CASI SPECIFICI Accade che il contribuente si veda applicata una ritenuta più alta rispetto al 20% convenzionale (ad esempio il 26,265%) quali possano essere i motivi? a) il contribuente italiano non ha fornito il c.d. affidavit (certificato di
residenza fiscale in Italia di non presenza di S.O. in India ed un modulo specifico – Form 10F;
b) è contrastata l’applicazione di una norma interna indiana che prevede che senza permanent account number (PAN) si debba applicare la più alta aliquota del 26,265%;
c) l’art. 5 della Convenzione contro le doppie imposizioni tra Italia ed India (lett. 3) riporta che «le attività cantieristiche e/o di supervisione sono S.O. se superano i sei mesi» ed inoltre riporta che si ha stabile organizzazione anche «quando l’attività di progettazione o di
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Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
supervisione in quanto collegata alla vendita di macchinari o di impianti, abbia una durata non superiore ai 6 mesi e gli oneri dovuti per la predetta attività di progettazione o di supervisione eccedono il 10% del prezzo di vendita dei macchinari e degli impianti medesimi ….» Attenzione a queste specifiche disposizioni: se si configura S.O. ai sensi convenzionali vi è il rischio di non poter recuperare le imposte estere se non si è tenuta contabilità sezionale ai sensi dell’art. 14 D.P.R. 600/73.
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Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
TRANSFER PRICING
PRINCIPIO FONDAMENTALE
In caso di transazioni che coinvolgono più Stati effettuate tra imprese associate o tra casa madre italiana e branch, l’UTILE TOTALE deve essere ripartito tra le varie entità in modo equo, in base a funzioni e rischi assunti dalle singole società.
Occorre quindi allocare l’utile in modo congruo, in modo da rispettare la potestà impositiva dei singoli Stati evitando erosioni di basi imponibili.
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Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
TRANSFER PRICING
I Riferimenti normativi in Italia
Art. 1, co. 2-bis, D.Lgs. 471/1997: non applicazione di sanzioni amministrative in caso di rettifica dei prezzi di trasferimento se è comunicata e prodotta idonea documentazione sul TP
Provvedimento Dir. Ag. Entrate 29/9/2010 Prot.
2010/137654: attuazione della norma, indicazione delle specifiche documentali e obblighi di comunicazione preventiva
Linee Guida OCSE Codice di condotta Europeo: approvato dal Consiglio dell’UE il
27/6/2006 individua tipo e contenuto della documentazione secondo la struttura del “Master file” e del “Country file”
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Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
Documentazione contenente informazioni comuni valide per tutti i membri del Gruppo
(Masterfile)
Documentazione contenente informazioni relative alla singola società
(Documentazione nazionale)
TRANSFER PRICING
LA DOCUMENTAZIONE
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Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
TRANSFER PRICING
L’evoluzione della disciplina in India
La disciplina del Transfer pricing è stata introdotta nell’Indian Income Tax Act nel 2001
Molte evoluzioni negli anni successivi con aumento rilevante della sensibilità dell’Autorità fiscale al tema delle operazioni internazionali
Doing Business Abroad – India
Pirola Pennuto Zei & Associati
Corso Milano, 26 - Padova
26 Maggio 2016 - Ore 14.30 – 18.00
TRANSFER PRICING
Alcune riflessioni per un approccio adeguato
Attenta analisi e mappatura delle transazioni
Analisi di comparabilità e benchmark: utilizzo di consulenti e banche dati locali secondo le esigenze dell’ordinamento indiano
Costruzione congiunta dei documenti relativi al TP in modo da ottemperare alle esigenze di entrambi gli ordinamenti coinvolti
Approccio prudente e professionale
“..transfer pricing is not an exact science..” (OCSE – Documento del 22 luglio 2010 – Cap. B.1, Par. 1.13)
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