News Update

Govt orders mandatory declaration of stock position of wheatCPI gets Rs 11 Cr tax notice for using old PAN numberGST - Penalty demand of Rs.3731 crores - A person who would fall within the purview of sub-section (1-A) of s.122 should necessarily be a taxable person who retains the benefits of transactions: HCGovt issues advisory against calls impersonating DoTFATP hand-wrings over slow regulation of crypto by member-countriesGST - Threatening and pressurising petitioner who is merely an employee - Highly unconscionable and disproportionate on the part of the officer: HCECI's C-Vigil app a big hit with votersGST - Same relief was claimed in earlier petition which was withdrawn unconditionally - Fresh petition seeking same relief is barred by the estoppel principle: HCIncome tax hands over Rs 1700 Cr tax demand to Congress PartyGST - Neither SCN nor the order spell out the reasons for retrospective cancellation of registration, hence cannot be sustained: HCStage-2 of Vikram-1 orbital rocket successfully test-firedGST - Non-application of mind - If reply was unsatisfactory, details could have been sought - Record does not reflect that such exercise was done - Matter remitted: HCHouthis claim UK has not capability to intercept their hypersonic missilesGST - Merely because a taxpayer has not filed returns for some period does not mean that registration is required to be cancelled with retrospective date also covering the period when returns were filed and taxpayer was compliant: HCIsraeli forces kill 200 Palestinians at Gaza medical complex & arrest over 1000GST - Petitioner's reply, although terse, is not taken into account while passing assessment orders - Petitioner put on terms, another opportunity provided: HCUnveil One Nation; One Debt Code; One Compliance Rule for Centre & StatesChina moves WTO against US tax subsidies for EVs & renewable energyMore on non-doms - The UK Spring Budget 2024 (See TII Edit)Training Program for Cambodian civil servants commences at MussoorieCBIC revises tariff value of edible oils, gold & silverCBIC directs all Customs offices to remain open on Saturday & SundayI-T- Once the citizen deposits the tax upon coming to know of his liability, it cannot be said that he has deliberately or willfully evaded the depositing of tax and interest in terms of Section 234A can be waived: HCHouthis attack continues in Red Sea; US military shoots down 4 dronesCus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTAT
 
Aid for trade helping DCs diversity: OECD Report

By TIOL News Service

PARIS, JULY 03, 2019: AS per latest OECD-WTO Report on Aid for Trade, using development aid to build trade capacity in poor countries is helping to improve economic diversification and to economically empower marginalised groups, yet progress remains geographically uneven.

Aid for Trade at a Glance 2019: Economic Diversification and Empowerment says that 47 developing countries (mostly in Africa), out of the 88 surveyed, report progress in diversifying their economies since the OECD-WTO Aid for Trade Initiative was launched in 2006, a picture backed up by trade statistics. Most progress has been seen in agricultural sectors followed by services and industry. Countries still struggling to use international commerce to diversify their economies are the least-developed countries or those that are small islands, landlocked, resource-dependent or ravaged by conflict.

“Aid for Trade is working. It is having a real impact where it is most needed,” said OECD Secretary-General Angel Gurría, launching the report at the WTO’s 2019 Global Review of Aid for Trade in Geneva. “That said, the path towards economic diversification is complicated by subdued trade growth and a decline in FDI. Rising trade tensions and protectionism are hurting growth prospects and any shift away from rules-based trade hits the most vulnerable countries and people hardest.”

Past reports have consistently found Aid for Trade to be an effective way of driving economic development at both the micro and macro levels by creating the conditions for trade to drive investment and create jobs. The 2019 report notes that the specific – and mutually reinforcing – goals of diversification and empowering small business, youths and women to participate in and benefit from trade will be key for achieving the Sustainable Development Goals.

The 2019 report says USD 409 billion in official development assistance (ODA) and USD 346 billion in concessional loans has been used since 2006 to boost trade in developing countries by investing it in areas like infrastructure, regulation or providing access to technical assistance. Another USD 100 billion in ODA and loans from donor countries was committed in 2017, and assistance between developing countries provided another USD 9 billion.

Every US dollar invested in aid for trade has been found to generate USD 8 worth of exports in developing countries and nearly USD 20 of exports in least-developed countries, depending on the country and the type of investment. Open, rules-based trading contributes to global welfare by helping to diffuse goods, services, technology and knowledge, though many developing countries still face numerous supply-side constraints.

In the past 30 years, five countries have shed their least-developed country status. Two more – Vanuatu and Angola – are on track to do so in 2020-21 and 10 others are moving in the right direction at a good pace. Another 35 least-developed countries show little progress.


POST YOUR COMMENTS
   

AR not Afar by SK Rahman

TIOL Tube Latest

Shri Shailendra Kumar, Trustee, TIOL Trust, giving welcome speech at TIOL Awards 2023




Shri M C Joshi, Former Chairman, CBDT




Address by Shri Buggana Rajendranath, Hon'ble Finance Minister of Andhra Pradesh at TIOL Awards 2023