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Contact Us Search The development of electronic commerce herein after referred to as EC can be said to be the greatest event in the history of mankind, next only to the Industrial Revolution of the early 20th century.
Whereas Europe and United States were the main beneficiaries of the industrial revolution, there are clear indications that India along with United States and China would be the major beneficiaries of the EC Revolution. The huge pool of technological manpower is at the basis of this indication.
The development of EC modifies the way of doing business. For centuries, traditional business around the world has been based on two concepts: Physical presence; and 2.
Physical delivery of goods and services. Today physical presence is no longer necessary to perform activities i. Since EC can be conducted virtually instantaneously around the globe and around the clock, the question where the profits should be taxed becomes crucial.
Taxing the Internet is a topic that makes global headlines, everyday. The lure of setting out national tariffs for every byte of data that follows and taxing every product traded hopes to herald a new economy for the taxman.
Most governments are alarmed at the extreme growth of the internet, and they should be, as the Net is the largest free information system the world has ever seen. The task of taxing commerce on the Net is daunting, since the data flowing through the vast annals of the Internet is intangible and the network on which it is built is spread over the space of the Earth.
The peculiarity of Net stems from the kind of "traffic" that flows through it- World Wide Web WWW pages, e-mail, internet relay chat, video conferencing, internet telephony, streaming audio and video file transfer and so on and each of this data is just a meaningless string of zeros and ones.
It has also challenged the adequacy and fundamental validity of principles of international taxation such as physical presence, place of establishment etc. Business conducted through the internet caters to globally located customers.
This raises cross border legal issues.
Transactions that may be legal and valid in one jurisdiction may not be enforceable in others. Creation of wealth through cyber space would also entail the use of "offshore" financial institutions to store this wealth. This would constitute an elaborate and often untraceable form of tax avoidance.
This is not only a threat to national sovereignty but also overrides traditional principles of taxation- a transgression of traditional notion of political and monetary autonomy.
As wealth is generated through the means of cyber space, accounting mechanisms and monetary control would become difficult. Taxes on cyberspace would be one method of getting some amount of monetary control. The allocation of taxing rights must be based on mutually agreed principles and a common man understanding of how these principles should be applied.
In addition to the need for consensus between governments and business, a need for co-operation between them has also been identified.
As the physical location of an activity becomes less important, it becomes more difficult to determine where an activity is carried out and hence the source of income.
In general, proof of identity requirements for Internet use is very weak. The pieces of an internet address or domain name only indicate who is responsible for maintaining that name. It has no relationship with the computer or user corresponding to that address or even where the machine is located.
Traditionally taxing statutes have imposed reporting and withholding requirements on financial institutions that are easy to identity. In contrast, one of the greatest commercial advantages of EC is that it often eliminates the need for intermediary institutions.
The potential loss of these intermediary functions poses a problem for the tax administration. Some of the fundamental tax related issues raised by the evolution of EC transactions may be summarized as follows: How to attribute profits to PE? EC also gives rise to new issues concerning the characterization of payments under the double tax treaties.
Moreover, though EC does not give rise to any fundamentally new issues relating to transfer pricing, there may be some difficulties in applying traditional transaction methods, establishing comparability, deciding the tax treatment of integrated businesses and complying with documentation and information reporting requirements.
Unless these issues are addressed, an erosion of the tax base may result, especially for developing and under developed countries. A taxpayer is generally taxed on its worldwide income in the country of its residence residence based taxation.
In the case of a company, this is usually the place where the company is incorporated, registered, or has its place of central management and control. The company may also be taxed in another country if it has a recognized source of income there source based taxation.
Generally tax treaties restrict the use of domestic source rules by requiring a minimum nexus to allow taxation in that jurisdiction.Curcumin (the major component of turmeric) has anti-inflammatory, anti-tumor and antioxidant properties.
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Nature And Scope of Law of Torts: Law is any rule of human conduct accepted by the society and enforced by the state for the betterment of human life.
In a wider sense it includes any rule of human action for example, religious, social, political and moral rules of conduct. Right to Choose The definition of Right to Choose as per the Consumer Protection Act is ‘the right to be assured, wherever possible, to have access to a variety of goods and services at competitive prices’.
These characteristics of human capital prompted Harlan Cleveland, former President of the World Academy of Art and Science, to observe that “the only limits are the limits to imagination and creativity” They led Aurelio Peccei, founder of the Club of Rome, to argue that human capital is the most underutilized of all forms of capital Legal Articles Human Rights Violations-'An Anathema To Society': Almost everyday there are chilling instances of violence, ethnic cleansing, heinous torture, child abuse, man slaughter and several other human rights violations.
Violence against women: This research paper introduces the discussion of legal responses to violence against women. Human Rights in India: Human rights in India require the existence and protection of a well-regulated society.
Only the society and the state can guarantee these human rights to the individual. Only the society and the state can guarantee these human rights to .