Belgium: Payments in Tax Havens must be Reported; India Extends Due Date for Filing E-forms: Tax and Compliance Updates from Nair & Co.

SUNNYVALE, Calif.--(BUSINESS WIRE)--Nair & Co., the leader in international business expansion services has released tax and compliance updates for companies doing business in Belgium, Denmark and India.

Belgium: Payments Made in Tax Havens must be Reported

Belgium has announced a clarification to Circular 13/2010 (Ci. RH.421/607/890) of November30, 2010. Payments of EUR 100,000 or more, made to recipients in Tax havens, now need mandatory reporting.

Denmark Declares Increased Taxation for Employer-provided Free Residence

Denmark has confirmed that it will abolish the beneficial tax regulations concerning employer-provided ‘free housing’ with effect from January 1, 2013. For the purposes of taxation, a ‘free’ residence, which was previously taxed at a base rate of 98,000 DKK per year will now, be taxed on the residence’s market value.

India Releases Final Version of MCA XBRL Validation Tool

Effective as of October 14th, 2012, XBRL filings of financial statements have been made available on the Ministry of Corporate Affairs website, for the accounting years beginning on or after April 1, 2011.

India Extends Due Date for Filing E-forms 23AC (Non-XBRL) and 23ACA (Non-XBRL)

The Ministry of Corporate Affairs has extended the filing deadline of E-form 23B, till December 23, 2012 or the due date of filing, whichever is later. There will be no additional charges.

For more information about doing business overseas or specific International Tax, HR, Compliance or Legal issues please contact us at http://www.nair-co.com/global-offices.aspx

About Nair & Co.

Nair & Co. provides you with your one touch outsourced finance, HR, legal and compliance department for your international operations. If you are expanding abroad for the first time or increasing your global footprint, our turnkey solutions help you do so with minimal risk, stress and cost. We support 4000+ client operations in over 56 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com.