Communiqué from AfrAsia Bank
AfrAsia Bank has announced its closure on Wednesday, 29th January 2025, in observance of Chinese New Year. The bank confirms that no securities transactions, foreign exchange dealings or general banking services will be processed on this public holiday.
All financial operations, including those involving the central bank, stock exchange and depository institutions, will resume on the following business day.
CBDT grandfathers treaty benefits on PPTs with Mauritius, Cyprus and Singapore
The Central Board of Direct Taxes (CBDT) has issued a new guidance note on the Principal Purpose Test (PPT) for claiming tax treaty benefits, which will be applied prospectively.
The CBDT in its note on principal purpose test also clarified that the grandfathering provisions under the India-Cyprus DTAA, India-Mauritius DTAA and India-Singapore DTAA would remain outside the purview of the newly issued PPT provision.
India has made certain treaty-specific bilateral commitments in the form of grandfathering provisions in the DTAAs signed with Singapore, Mauritius and Cyprus and the grandfathering provision in these treaties would be governed by the specific provisions specified in the respective DTAAs
List of Companies with NO yearly registration fees 2025
SEM starts 2025 with a bang, with the SEMDEX, SEMTRI and the SEMTRI-ASI Indices surging to All-Time-High
FATF Consolidated assessment ratings
FATF has published an updated consolidated assessment ratings on 23 January 2025. This table provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance.
