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The Dollar Business Bureau  India today signed the OECD multilateral convention that aims to check cross-border tax evasion by multinational companies. The Finance Minister, Arun Jaitley signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting in Paris.  More than 65 countries, including India, signed the convention. More countries are expected to sign in coming days, a finance a finance ministry statement said.  "The Convention will modify India's treaties to curb revenue loss through treaty abuse and base erosion and profit shifting strategies by ensuring that profits are taxed where substantive economic activities generating the profits are carried out and where value is created," the statement added.  The Multilateral Convention is an outcome of the OECD/G20 Project ...

The Dollar Business Bureau India’s economy is likely to grow at 7.2% in the current financial year, showing signs of revival from an expected slowdown to 6.8% in the last fiscal, said World Bank in a report on Monday. “The revision of forecast reflects a combination of the impact of demonetisation and an investment recovery that has proven more protracted than expected,” it said in its May 2017 India Development Update report. The multilateral investment agency estimated India’s gross domestic product (GDP) growth at 7.7% in 2019-20 and 7.5% during 2018-19. “Growth is likely to slowdown in the financial year 2016-17 as the momentum of October-December quarter shifts to the last quarter of January-March,” the report said. The World Bank report comes prior to the release ...

The Dollar Business Bureau  Finance Minister Arun Jaitley will be travelling to Paris to sign the multilateral convention of Organisation for Economic Cooperation and Development (OECD), next week. The convention is aimed at checking cross-border evasion of taxes by multinational companies (MNCs).  During the 3-day visit beginning June 7, the Finance Minister will also join the Ministerial Council Meeting, which will be attended by ministers from OECD countries and other partner countries to deliberate upon issues of global importance.  Earlier this month, the Union Cabinet had given the approval for signing the OECD’s multilateral convention.  The convention is a result of the base erosion and profit shifting (BEPS) project between OECD and G-20, to tackle what is used by MNCs via tax planning strategies by abusing ...

The Dollar Business Bureau China’s 2 day unveiling of the One Belt One Road initiative, saw 29 heads of state coming together to partake in the $900 bn investment initiative aimed at developing land and sea trade routes from China to Europe; there were two conspicuous absent nations from the meet, Japan and India. India in its statement reply to China’s invitation to the initiative said, “We are of firm belief that connectivity initiatives must be based on universally recognized international norms, good governance, rule of law, openness, transparency and equality... Connectivity projects must be pursued in a manner that respects sovereignty and territorial integrity. India’s reluctance is plain and open. The CPEC route threatens to violate India’s sovereignty as the project passes ...

By Stella Joseph and Ranjeet Mahtani By the proposals in the Union Budget of 2017, India has sought to adopt and introduce in its Income tax law provisions, what is popularly known as the Thin Capitalization Rule. The proposal is aligned to the Action Plan 4 of the Base Erosion of Profit Share (BEPS) project of the Organisation for Economic Co-operation and Development (“OECD”), under the initiative of G-20 countries (which includes India). The Final Report on Action Plan 4 was released in October 2015 and additional guidelines thereto have been released in December 2016. The Thin Capitalization Rule has been explicitly adopted by a number of economies including the United States, Russia, Indonesia, Canada, Australia and various European nations. The form which ...

The Dollar Business Bureau Services exports from India are likely to grow more than three-fold by 2030, increasing the country’s share to 4% in global services exports, according to a report by a leading international bank. Though the speedy growth rates of double-digit during 2001-08 are not expected to resume, exports of services are estimated to grow at a healthy rate of 8-9% year-on-year (y-o-y) basis in the coming 15 years, said HSBC in a report on India trade. While China and the US will remain the dominant export partners of India, we expect a shift towards the emerging markets. In the short-term, services exports to Turkey are expected to increase at a strong pace, led by increasing demand for exports of financial ...

The Dollar Business Bureau The latest set of measures taken by the nations to deal with climate change will fail to quench the global thirst of crude, while the global demand of oil will peak within 15 years, the global petroleum bloc has said. Last week, several countries across the world signed a global pact with an aim to battle global warming. But the recent report released by the OPEC has underlined that it will take almost a century to bring down the consumption of oil due to the rising demand of fuel and a slow adaptation of alternative fuel cars, which will continue to affect climate change. The OPEC reports look at how the energy market will perform over the next two decades ...

The Dollar Business Bureau OECD’s Global Economic Outlook release says India’s growth rate is expected to hover near 7.4% this year and 7.5% next year. The outlook was launched during the OECD’s annual Ministerial Council Meeting and Forum in Paris on Wednesday. India is likely to remain as one of the fast growing economies in the world. Its private consumption in urban areas has been buoyed by the projections of higher income source and declining inflation. But the demand in rural areas has come down for the past two years due to bad weather conditions, the outlook said. The decline in merchandise imports, driven by subdued commodity prices and weak business investment, has contributed to keeping the current account deficit at about 1.5% ...