Owners of the four- and five-room Housing & Development Board (HDB) flats in Singapore will have to pay S$5 to S$29 more in 2012, as the annual values of housing board flats revised upwards.

It may be noted here that property tax payable is computed on the basis of annual values of the property.

With a view to provide affordable housing to the vast middle class and lower class of India the of Real Estate Developers' Associations of India (CREDAI) has demanded for reduction of the various taxes levied by the government.

A proposal to charge a tax of twenty percent on imported power equipment has been rejected by the finance ministry. They cited the reason of domestic capacity being less in demand.

In addition they also claimed that the acceptance of the proposal that had been suggested would make the cost of electricity shoot up considerably.

In comparison of the first half of the previous fiscal the direct tax collections saw a rise of nineteen percent and reached an amount of one lakh eighty one thousand seven hundred and fifty eight crores of rupees in the first half of this financial year

According to a Bill that had been passed in the Legislative Assembly of Jammu & Kashmir the state will tax water that will be used to generate electricity for the state

On Thursday India signed a deal with Bermuda, the Caribbean tax sanctuary under which information will be exchanged regarding tax evasion between the two nations

Under the agreement dubbed the Tax Information Exchange Agreement (TIEA) all destinations and countries reckoned as tax sanctuaries have to keep conformity with guidelines provided by OECD and share information.

At least one aspect of the GST or goods and Service Tax was found where an agreement could be reached by the Centre and States.

The position paper of the Centre regarding IT network of the proposed tax regime has been accepted by the state finance ministers’ empowered committee.