How to tackle a doubled increase in withholding taxes to 20% on Royalties and FTS?
The Finance Bill 2023 that the Indian parliament passed increased the withholding tax rate under the Income-tax Act, 1961 for payment of Royalties and Fees for Technical Services (FTS) paid to non-residents from 10% to 20%. India is a net importer of technology and high-end services from foreign jurisdictions. In such cases, Indian multinational pays […]