THE
Central Board of Direct Taxes has issued a Circular bearing number 30/2016
on 26th August, 2016 for the purpose of streamlining the process of issue of
No Objection Certificate (NOC), Port Clearance Certificate (PCC), Voyage Return
and Voyage Assessment in case of Foreign Shipping Companies (FSCs). This prescribes
guidelines for assessing officers to be followed for issue of said NOC leading
to Port Clearance of ships belonging to foreign shipping companies. The assessment
of voyage returns subsequently filed by the FSCs shall also be governed by
the same.
The Circular has done away with the administrative requirement of obtaining
a voyage NOC for foreign shipping companies entitled to 100% relief from payment
of taxes in India on account of a Double Taxation Avoidance Agreement (DTAA)
between India and the country to which the foreign shipping company belongs.
This Circular is another step by the CBDT towards further improving the ease
of doing business in India for the foreign shipping companies.
|
