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TMI BlogAction Plan 5 – Counter Harmful Tax PracticesX X X X Extracts X X X X X X X X Extracts X X X X ..... playing field. All members of the Inclusive Framework on BEPS commit to implementing the Action 5 minimum standard, and commit to participating in the peer review. The OECD Forum on Harmful Tax Practices (FHTP) has been conducting reviews of preferential regimes since its creation in 1998 in order to determine if the regimes could be harmful to the tax base of other jurisdictions. The current w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... improved and has considered the ruling regimes in OECD and associate countries. This work, which included a questionnaire completed by OECD and associate countries on existing ruling practices, has informed further developments of the framework on the compulsory spontaneous exchange of information. It has led to the conclusion that the requirement to undertake compulsory spontaneous information ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rk released additional guidance on the framework for the spontaneous exchange of information collected by no or only nominal tax jurisdictions pursuant to the standard. The guidance addresses the practical modalities regarding the exchange of information requirements of the standard, including the exchange timelines, the international legal framework and clarifications on the key definitions. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fit shifting provisions. In order to ensure the effectiveness of the NTJ standard in practice, the FHTP is carrying out annual monitoring of the compliance of the 12 no or only nominal tax jurisdictions. Provision in Indian Tax Regime Section 115BBF of the Income Tax Act, 1961 : In line with nexus approach of BEPS Action 5 The nexus approach has been recommended by the OECD under B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Eligible Assessee A person resident in India; Who is the true and first investor of the invention; Whose name is entered on the patent register as the patentee in accordance with Patents Act, 1970 And Includes Every such person, being the true and the first investor of the invention, where more tham one person is registered as patentee under Patents Act, 1970 in resp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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