India releases the 2020-21 Union Budget

Executive summary

The Finance Minister of India presented the Union Budget for tax year 2020-21 (the Budget 2020) on 1 February 2020. The Budget 2020 includes proposals to abolish the Indian dividend distribution tax (DDT) and replace it with a conventional shareholder withholding tax, introduce lower withholding tax rates on certain debt instruments for nonresidents, defer the application of the significant economic presence (SEP) rules and introduce an attractive dispute resolution process…