Seafarers Seek Exemption from Qualifying Rules for NRI Status

Seafarers have sought government intervention to be exempted from meeting the qualifying rules for Non-Resident Indian (NRI) status that grants tax-free income for FY 21 due to the pandemic induced restrictions on crew change, according to an article published in The Hindu BusinessLine.

MUI speaks

As a result of this dual challenge, the seafarers on shore have not been in a position to fulfil the officially declared criteria of working outside India for more than 182 days in a year to qualify as...

https://mfame.guru/seafarers-seek-exemption-from-qualifying-rules-for-nri-status/

U.S. Suspends Tax Exemption on Income from International Shipping

  • Donald Trump says that the Asian trading hub is no longer eligible for the continued preferential treatment.
  • This suspension of bilateral agreement is due to China’s imposition of strict national security laws over Hong Kong.
  • The bilateral agreement covers extradition and tax exemptions.

According to an ABC News report written by Matthew Lee AP, the Trump administration has suspended or terminated three bilateral agreements with Hong Kong covering extradition and tax exemptions.  This follows...

https://mfame.guru/u-s-suspends-tax-exemption-on-income-from-international-shipping/

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