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Economy and Finance Current Affairs

  • 30-Dec-2016
  • The Central Board of Direct Taxes (CBDT) signed two unilateral Advance Pricing Agreements (APAs) with Indian taxpayers pertain to the Information Technology and automobile sectors.

    The international transactions covered in these two agreements include software development services, IT enabled services (ITES), manufacturing and business support services. With this, the total number of APAs signed by the CBDT has reached 117. This includes 110 Unilateral APAs and 7 bilateral APAs. In the current 2016-17 financial year, total of 53 APAs (4 bilateral and 49 unilateral) were signed.

  • Colombia’s Congress passed a law granting amnesty to Marxist FARC (Revolutionary Armed Forces of Colombia) rebels as part of historic peace deal reached between rebels and Government. The Senate passed the bill 69-0 votes after the House of Representatives approved it by 121-0 votes. This is another step to formally end to 52 years of Columbian civil war (Latin America’s longest conflict). The law grants special legal treatment, amnesty and pardons to members of the FARC accused of political and related crimes. It does not apply to FARC rebels accused of offenses such as war crimes, rape, torture and extrajudicial killings.

  • President Pranab Mukherjee has given assent to Payment of Wages (Amendment) Ordinance, 2016, to enable industries to pay wages by cheque or credit into the bank accounts of workers. The ordinance amends the Payment of Wages Act, 1936 to encourage cashless transactions. With this assent the ordinance becomes law as per article 123 of the Constitution.

  • 50 per cent reservation in Judicial services in Bihar.

    The Bihar government  approved 50 per cent reservation in the state’s judicial services with Chief Minister Nitish Kumar’s Cabinet clearing the Bihar Uchcha Nyayik Seva (Sansodhan) Niymawali, 2016, and Bihar Asainik Seva (Sansodhan) Niymawali, 2016.

  • The Central Board of Direct Taxes (CBDT) has extended the last date for availing the Direct Tax Dispute Resolution Scheme to January 31, 2017 from the earlier deadline of December 31, 2016.

    This extension aims to give companies one more month to accept its offer to settle retro tax disputes with Government. It comes against the backdrop of tepid response from companies to the scheme.

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