Tax Evasion Current Affairs, GK & News

General Anti-avoidance Rule (GAAR)

Recently, the Department of Revenue under the Ministry of Finance started investigations under the General Anti-avoidance Rule (GAAR) into firms misusing the law. Many firms have been using creative methods to avoid paying taxes to the government. What is General Anti-avoidance Rule (GAAR)? GAAR is an anti-tax avoidance law, whose provisions come under the Income ..




Pakistan blacklisted by Asia-Pacific Group of FATF for its failure to comply with terror funding standards

The Asia-Pacific Group (APG) of the Financial Action Task Force (FATF) is a global watchdog for terror financing and money laundering. It has recently put Pakistan in the Enhanced Expedited Follow Up List (Blacklist) for its failure to meet its standards. The APG has also found that Pakistan was non-compliant on 32 of the 40 ..


Economic Survey 2018-19

The Economic Survey 2018-19 was tabled in the parliament by the Union Minister for Finance and Corporate Affairs. The Key Highlights of Economic Survey 2018-19 are as follows: India’s GDP (gross domestic product) is projected to grow at a rate of 7 per cent in the fiscal year 2019-20. The survey views Indian Economy as ..


Multilateral Convention to Implement Tax Treaty Related Measures (MLI)

India has ratified the Multilateral Convention to Implement Tax Treaty Related Measures (MLI) and deposited the instrument of ratification to Organisation for Economic Co-operation and Development (OECD). Multilateral Convention to Implement Tax Treaty Related Measures The Multilateral Convention to Implement Tax Treaty Related Measures aims to Prevent Base Erosion and Profit Shifting (BEPS). It seeks ..


Saudi Arabia becomes first Arab country to get FATF membership

Saudi Arabia has become the first Arab country to be granted full membership of Financial Action Task Force (FATF) following its Annual General Meeting at Orlando in Florida, USA. Since November 2004, Saudi Arabia has been a founding member of the Middle East and North Africa (MENA) arm of the FATF group. Its full FATF ..


IDBI Bank launches paperless account opening facility for NRIs

IDBI Bank has launched the ‘NRI-Insta-Online’ account-opening process for Non-Resident Indians (NRIs) residing in Financial Action Task Force (FATF) member countries. The person will not be required to furnish physical documents and KYC proofs for opening an account with the bank. NRIs will now be able to open account in IDBI Bank without submitting paper ..