OECD Current Affairs, GK & News

Canada’s digital services tax

Canada has decided to impose a digital services tax on large companies that sell various services in Canada. About the tax Under the new rules of the Canadian government, a 3% digital services tax will be imposed on the companies with total annual revenue of at least $850 million and profits of $16 million or ..

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IEA’s Electricity Market Report

The International Energy Agency (IEA) released its early 2022 edition of the bi-annual Electricity Market Report. Key facts of the report As per report, countries are largely turning to fossil fuels for meeting the increase in electricity demand, as Covid-19 lockdown restrictions are lowering down. Global electricity demand increased by 6% year-on-year in 2021. It ..

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India joins G20-OECD Tax Framework deal

India and majority members of OECD and G20 Inclusive Framework on Base Erosion & Profit Shifting adopted a high-level statement that outlines a consensus solution in a bid to address tax challenges that are arising from digitalisation of economy. Key Points This proposed solution comprises of two components: First pillar is about reallocation of additional ..

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What is Significant Economic Presence (SEP) principle?

India recently notified Digital Tax threshold of two crore rupees and 300,00 users under the Significant Economic Presence principle. This threshold was notified for non-resident technology firms such as Netflix, Facebook, Google, to pay tax in India. The principle was first introduced in the Finance Bill 2018-19. It was adopted to address the challenges of ..

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European Union bans Export of Plastic Waste to poor countries

The European Union recently announced that it is to completely ban the exports of unsorted plastic to poor countries. The new rules of the European Union will amend the 2006 Waste Shipment Regulation. The new rules are to ban the exports to less industrialised nations outside OECD. Highlights The new rules are a part of ..

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Union Cabinet: MoU between India and Spain in Astronomy approved

On November 4, 2020, the Union Cabinet chaired by PM Modi approved the Memorandum of Understanding signed between India and Spain. The MoU will facilitate scientific and technical collaborations between the countries in the field of Astronomy. Key Highlights The MoU was signed between the Instituto de Astrofiscia de Canarias of Spain and the Indian ..

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