This article is part of the research work of Perry4Law, India’s exclusive techno legal corporate, IP and ICT law firm.
Taxation and antitrust laws are in limelight these days throughout Europe, United States (US), United Kingdom (UK), China, India and other places of the world. Consider the examples of various technology companies that are in the limelight for the wrong reasons.
For example, recently an e-book price escalation lawsuit has been settled by Penguin Group. Similarly, the European Commission and publishers’ settlement for e-book price fixingis another incidence where regulatory bodies have taken acts of technology companies seriously. Media reports are also projecting that Google, Facebook, Samsung etc may face more scrutiny from EU and US regulators in the year 2013.
In the United Kingdom as well regulatory authorities are not happy with the taxation affairs of various multinational and technology companies. Public outcry erupted when allegations of tax avoidance were labeled against Amazon, Google and Starbucks regarding UK Tax Laws.
Even in China companies are facing punishments for violating local laws. For example, Apple has been fined by Beijing Court for unauthorised sale of e-book.Indian government is also not far behind. After canceling the telecom licenses of many telecom companies, now Indian government would ascertain beneficiary in Walmart probe to ascertain possible violation of Indian laws.
The Competition Commission of India (Procedure in Regard to the Transaction of Business Relating to Combinations) Regulations, 2011 have also been formulated by the Competition Commission of India in 2011 to regulate anti competition combinations. The same may be pressed more frequently in the year 2013.
The year 2013 would see an enhanced regulatory scrutiny by various regulatory bodies and authorities throughout the world. Countries are also entering into bilateral treaties to make the respective companies liable for their acts or omissions. Presently many multinational companies and technology giants are avoiding tax liabilities and are avoiding compliance with various regulatory requirements. This would not be an easy task in the year 2013.