New MNE, IFSC tax commences, albeit late

The regulations took effect as from the date of publication (July 12, 2019) but were expected sometime in March 2019 as the Transfer Pricing law contained in the Income Tax Act could not be implemented without the regulations.

The regulations therefore came very late as the transfer pricing laws were supposed to commence on July 1, 2019, hence the expectation that the regulations should have been out about three or so months before commencement to give taxpayers time to acquaint themselves with the laws.