Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > Meaning of Control and Management or Place or Effective Management (POEM)
Meaning of Control and Management or Place or Effective Management (POEM) Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Meaning of Control and Management or Place or Effective Management (POEM) Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the meaning of Control and Management or Place or Effective Management (POEM) Taxation? |  |
Ans. Control and Management or Place or Effective Management (POEM) Taxation refers to the concept used in taxation laws to determine the tax residency of a company. It involves determining the place where the company's control and management is exercised, which determines its tax liability in that jurisdiction.
| 2. How is the tax residency of a company determined under POEM Taxation? | |
Ans. The tax residency of a company under POEM Taxation is determined by assessing the place where its control and management is actually exercised. Factors such as board meetings, decision-making processes, strategic and operational control, and key management personnel's presence are taken into consideration to determine the tax residency.
| 3. Why is POEM Taxation important in international taxation? | |
Ans. POEM Taxation is important in international taxation as it helps to prevent tax avoidance and ensure that companies pay taxes in the jurisdictions where their economic activities are primarily conducted. It helps to allocate taxing rights between countries and avoid situations where companies artificially shift their profits to low-tax jurisdictions.
| 4. What are the implications of being considered a tax resident under POEM Taxation? | |
Ans. Being considered a tax resident under POEM Taxation means that the company will be subject to taxation in the jurisdiction where its control and management is exercised. It will be required to comply with the tax laws and regulations of that jurisdiction, including filing tax returns, paying taxes, and maintaining proper documentation.
| 5. Are there any challenges in implementing POEM Taxation? | |
Ans. Yes, there are challenges in implementing POEM Taxation. One of the challenges is determining the place where control and management is exercised, especially in cases where decision-making processes are spread across multiple jurisdictions. Another challenge is the potential for double taxation if different countries have different interpretations of POEM Taxation rules. These challenges require clear guidelines and coordination among tax authorities to ensure fair and effective implementation of POEM Taxation.
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Nov 16, 2024 Last updated |
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