01-07-2021 The Asian Independent

More documents

Recommendations

Info

401-07-2021 to 15-07-2021 ASIAwww.theasianindependent.co.ukIndia agrees to global tax frameworkon TAXING MULTINATIONALSUnited Nations : India has agreedto a pathbreaking international frameworkwith 129 other countries for taxingmultinationals that could impactits ability to tax them and have thepotential to douse trade wars over taxingtech giants.India and the other countries issueda joint statement on Thursday affirmingsupport for the proposed frameworkwhich has at its core a globalminimum corporate tax of 15 per centand makes way for countries to taxmultinational enterprises (MNEs),especially tech giants like Google,Facebook and Amazon, on their earningsthere. "It would re-allocate sometaxing rights over MNEs from theirhome countries to the markets wherethey have business activities and earnprofits, regardless of whether firmshave a physical presence there," saidthe Organisation for EconomicCooperation and Development(OECD), which coordinated the developmentof the plan.It "will ensure a fairer distributionof profits and taxing rights amongcountries with respect to the largestMNEs, including digital companies",the OECD said. India and the administrationof President Joe Biden areembroiled in a dispute over New Delhiimposing a two per cent tax on earningsin the country by foreign technologyand e-commerce companies likeAmazon, Facebook and Google.Biden's administration retaliatedwith a threat to raise import duties ona range of imports, from prawns andBasmati rice to furniture and jewellery,but kept it in abeyance hopingthe new global tax framework couldresolve it. The OECD, which said thatit expected the framework to befinalised in October for implementationin 2023, estimated that it wouldgenerate additional annual global taxrevenues of around $150 billion thatwill be shared by various countries."Additional benefits will also arisefrom the stabilisation of the internationaltax system and the increased taxcertainty for taxpayers and tax administrations,"the OECD said.The framework got the approval ofthe G7 leaders last month and isexpected to come up at the meeting ofthe finance ministers of the G20 groupof major economies in Venice nextweek. Biden and his TreasurySecretary Janet Yellen propelled thenegotiations for the framework withthe goal of preventing US companiesfleeing to countries like Ireland,Hungary and Lichtenstein and those inthe Caribbean region with lower corporatetaxes. Notably most of thoseOver 30% kids in Lebanonremain hungry: Unicefcountries did not sign the statementagreeing to the framework. In hopesthat at least the major low-tax countrieswould fall in line, Yellen said:"Today is an historic day for economicdiplomacy. For decades, the UnitedStates has participated in a self-defeatinginternational tax competition, loweringour corporate tax rates only towatch other nations lower theirs inresponse. The result was a global raceto the bottom. "Today's agreement by130 countries representing more than90 per cent of global GDP is a clearsign: the race to the bottom is one stepcloser to coming to an end." The dealhas two parts or "pillars", as theOECD calls it.The first ensures the rights of countriesto tax the MNEs on their incomesthere. "Under Pillar One, taxing rightson more than $100 billion of profit areexpected to be reallocated to marketjurisdictions each year."The second pillar sets the globalminimum for taxes at 15 per cent withouta ceiling on the maximum.With a minimum rate of at least 15per cent, it "is estimated to generatearound USD 150 billion in additionalglobal tax revenues annually", theOECD said. According to an analysisof the implications for India by theprofessional services company DezanShira & Associates in India Briefs,"India will be able to tax large MNCs(multinational corporations) doingbusiness in the country, without aphysical presence or permanent establishment,at 20 per cent of their profits(exceeding a 10 per cent margin)"."Thus, the measure, if globallyapproved, will impact digital companiesin whichever markets they earnrevenues and make profits based ontheir online presence," it said, addingthat "however, the G7 countries havealso called for the elimination of thedigital services tax or equalisationlevy". The equalisation levy is the twoper cent tax India imposed on the techgiants that has led to the dispute withthe Biden administration.Explaining the need for the framework,the OECD said: "Recent, rapidand expansive digital transformationhas had deep economic and societalimpacts resulting in significantchanges. This has sparked globaldebates in many legal and regulatoryrealms and international tax is no different."It seeks to find a solution tothe issue of "whether internationalincome tax rules, developed in a'brick-and-mortar' economic environmentmore than a century ago, remainfit for purpose in the modern globaleconomy".Beirut : The Unicef hassaid that more than 30 per centof the children in Lebanon wentto bed hungry and skippedmeals in the past month.In Lebanon, one in 10 childrenhave been sent to work, 40per cent of children are fromfamilies where no one has workand 77 per cent of them arefrom families that do notreceive any social assistance,Xinhua news agency reportedciting a Unicef survey publishedon Thursday.The survey also found that15 per cent of the Lebanesefamilies stopped their children'seducation, while 80 percent of caregivers said theirchildren had difficulties concentratingon their studies athome, which might meanhunger or mental distress.It also revealed that 60 percent of households have to buyfood on credit or borrowmoney."With no improvement insight, more children than everbefore are going to bed hungryin Lebanon," said YukieMokuo, Unicef representativein Lebanon."Children's health, educationand their very futures areaffected as prices are skyrocketingand unemployment continuesto increase," Mokuoadded. The protracted economicdepression is just one of thecompounding crises inLebanon, which is reeling fromthe impact of the Covid-19 pandemicand the aftermath of themassive August 2020 BeirutPort explosions, as well as thepersistent political instability,said the Unicef survey.While the 1.5 million Syrianrefugees are the most hard-hit,the number of Lebanese peoplein need of support is growingrapidly. "The World Bank hasdescribed what is happening inLebanon as possibly one of thetop three economic collapsesseen since the mid 19thCentury. "What the Unicef surveyshows is that children arebearing the brunt of this escalatingcatastrophe," Mokuoadded.
www.theasianindependent.co.ukTibetan student group ties up withMyanmar democracy movementKolkata : Students For Free Tibet (SFT), a leading hardlineTibetan group,has tied up topro-democracygroups inMyanmar,extending theiranti-Chinacampaign tonew areas inAsia. SFT'sCampaignDirector Pema Doma told IANS they have linked up up theBurmese democracy movement because China's repression inTibet and its firm backing of the oppressive Myanmar militaryjunta are but "two sides of the same coin"."In June, we saw an unprecedented collaboration between prodemocracygroups across Asia. SFT worked to further develop ourkey alliances with pro-democracy and human rights groups inMyanmar, Thailand, and other Milk Tea Alliance countries. Weorganised and participated in virtual and in-person events whichhave furthered democracy and self-determination in Asia," Domaadded. Doma said Tibetan activists will henceforth strongly supportthe Burmese pro-democracy movement and appeal worldwideto force the military junta to force an end to the massacre ofinnocent civilians.She said SFT staff also spoke at the Hong Kong movement's6/12 rally to commemorate the second anniversary of the prodemocracymovement in Hong Kong, a Milk Tea alliance rally inWashington D.C., and a Thai rally in Washington Square Park.Later in the month, Doma spoke at RightsCon, joining fellowTibet advocates from around the world to discuss the intersectionof technology and the Tibetan Resistance. Wrapping up the monthon June 23, International Olympics Day, SFT took a lead role inorganising the Global Day of Action against the 2022 BeijingOlympics, with 50+ protests and actions in more than 25 countriesaround the world, she said. From New York to Melbourne, Torontoto Paris, hundreds of Tibetan advocates marched alongside coalitionsof Uighurs, Hong Kongers, Southern Mongolians,Taiwanese, and allies to speak out against what SFT describes asthe 'Genocide Games'. Doma claimed the "day was a huge success"and said they will pursue a strong global campaign to stopthe 2022 Beijing Olympics.NEWS01-07-2021 to 15-07-2021Emiratis banned from travellingto India, 13 other nationsNew Delhi : UAE authorities have prohibitedEmiratis from travelling to 14countries, including India, amidst fears ofthe highly infectious Delta coronavirusvariant. Other countries in the list arePakistan, Bangladesh, Nepal, Sri Lanka,Vietnam, South Africa, Namibia, Zambia,the Democratic Republic of the Congo,Uganda, Sierra Leone, Liberia, andNigeria.The directive was issued by the Ministryof Foreign Affairs and International Cooperation(MoFAIC) and the NationalEmergency, Crisis and DisastersManagement Authority (NCEMA).UAE diplomatic missions in all thesecountries, official delegations and previouslyauthorised business and technicaldelegates were exempt from the decision.The authorities have also permitted travelfor emergency treatment cases, with Indiabeing one of the most popular destinationsamong Emiratis for medical purpose.While the Covid-19 infection numberscontinue to be under control in the UAE,one out of three new cases were the Deltavariant. On Thursday, 1,675 new caseswere reported, with 1,556 recoveries andeight deaths. With school year ending inthe UAE in the first week of July, it is thepeak travel time as many citizens andexpats head out to escape the heat. In ajoint statement, both authorities stressed onthe need for citizens to comply with allCovid-related precautionary protocols, notjust at home, but also at the destinationcountry. The statement said that Emiratisinfected abroad will be allowed to returnafter getting the necessary approvals fromEU Digital Covid Certificateofficially comes into forceBrussels : The EuropeanUnion (EU) Digital CovidCertificate has officially cameinto force, allowing citizensand residents to have their passissued and verified across thebloc. By Wednesday evening,21 out of the 27 EU memberstates, as well as Norway,Iceland and Liechtenstein, wereconnected to the system's networkwhile the others weretechnically ready and joinedthe system on Thursday, reportsXinhua news agency.Some countries alreadybegan using the new health certificatein June. According tothe European Commission, allmember states should now bein a position to issue and acceptthe pass.The EU Digital CovidCertificate is free and should berecognized by all 27 memberstates as well as Switzerland,Liechtenstein, Iceland andNorway.The certificate will facilitatetravel, helping to exempt holdersfrom restrictions such asquarantine. The EU had said itwas in talks with several othercountries, such as the UK andthe US, over mutual recognitionand operation of Covidrelateddocuments.The certificate applies inthree situations: it attestswhether a person has been vaccinatedagainst Covid-19,whether they have had a recentnegative test, or whether theyare considered immune havingpreviously contracted the disease.Countries are obliged toaccept vaccines approved bythe European MedicinesAgency (EMA), namelyPfizer/BioNTech, Moderna,AstraZeneca and Johnson &Johnson.Welcoming its entry intoapplication, EuropeanCommission President Ursulavon der Leyen said that "theCertificate is a symbol of anopen and safe Europe that isopening cautiously putting theprotection of the health of ourcitizens first".She said that more than 200million certificates havealready been generated.Under the new rules, memberstates must refrain fromimposing additional travelrestrictions on holders of an EUDigital Covid Certificate,unless they are necessary andproportionate to safeguard publichealth.the relevant authorities in the host countryas well as the UAE.Meanwhile, Air India announced that itsoffer for a free date change for cancelledflights from India will be extended untilJuly 21. In a statement posted on its website,Air India said: "Restrictions imposedby the UAE Government banning entryinto UAE other than UAE Nationals andexempted category between 25th April2021 up to 04th May 2021."In view of thesame, one free date change to passengers5holding 098 documents for sector India-UAE-India, during the period of ban willbe allowed. Difference in fare, if applicable,will be charged. In case passengerwants to cancel the ticket, NIL cancellationcharges will apply." Air India is currentlyoperating around 100 flights weekly to theUAE under the air bubble agreement aftertravel restrictions were implemented by theUAE government. These flights can onlyaccept passengers eligible for travel to theUAE under exempted categories.Turkish women protest against withdrawalof treaty to combat gender violenceAnkara : Turkish womenheld protests in cities across thecountry to denounce the country'swithdrawal from an internationaltreaty designated tocombat gender violence.Turkey on Thursday formallypulled out from the Councilof Europe Convention onPreventing and CombatingViolence against Women andDomestic Violence, also knownas Istanbul Convention, under apresidential decree issued inMarch, reports Xinhua newsagency. In the country's biggestcity Istanbul, women protestersgathered on the bustling IstiklalAvenue, carrying banners andchanting slogans "We will notbe silenced, we will not fear,we will not bow down".The police fired tear gas todisperse the protesters, preventingthem from marchingthrough the avenue and proceedingtoward the iconicTaksim square. During the ralliesin several other big cities,including the capital of Ankaraand Izmir, women demonstratorscalled on the governmentto retrieve the decision andstrictly apply the convention'sarticles to curb the growingviolence against women in thecountry. President RecepTayyip Erdogan said his country'sdomestic regulations aresufficient to combat violenceagainst women.Erdogan on Thursdayannounced a new action planfor combating violence againstwomen."Just like our fight againstviolence toward women did notstart with the IstanbulConvention, it will not end bywithdrawing from this convention,"he said.
Page 1 and 2: Email your CV to info@theasianindep
Page 3: www.theasianindependent.co.ukASIA01
Page 7 and 8: www.theasianindependent.co.ukNewSpa
Page 9 and 10: www.theasianindependent.co.uk ASIA
Page 11 and 12: www.theasianindependent.co.ukASIA01
Page 13 and 14: www.theasianindependent.co.ukNEWS01
Page 19 and 20: www.theasianindependent.co.ukNEWSIN
Page 21 and 22: www.theasianindependent.co.ukThe st
Page 25 and 26: www.theasianindependent.co.ukNEWSTr

01-07-2021 The Asian Independent

Create successful ePaper yourself

Delete template?

Save as template?