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Tata Sons may bank on TCS to clear telecom arms' AGR dues

It will most likely bank on TCS for sourcing funds in case it has to pay the dues immediately, sources said.
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137 countries on board for OECD digital tax plan: Angela Gurria

OECD chief Angela Gurria on Thursday said the international body's plan to help solve digital tax problems has got support of 137 countries and new rules must be put in place to stop evasion worth hundreds of billions of dollars.

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  • Restoring growth to the higher levels needed to provide ample jobs and ease inequality will require accelerating the pace of structural reforms to revive investment and exports.

    The Organisation for Economic Co-operation and Development forecasted a growth rate of 6.2% in 2020 ans 6.4% in 2021. The forecast came ahead of the release the GDP numbers for the July-September quarter by the government’s statistics office, scheduled for November 29. India’s economy grew 6.8% in FY19.

    The latest OECD Economic Survey of India notes that while India has greatly expanded its participation in global trade in recent years, private investment remains relatively weak, the employment rate has declined amid a shortage of quality jobs, rural incomes are stagnating, and per-capita income varies considerably across states.

    The government wants a more balanced principle for the taxation based on place of revenue generation.

    India was an active participant in the deliberations, as highly digitalised global companies have a huge consumer base here and stakes are high. To illustrate, there are over 270 million Facebook users in India, making it one of the leading countries in terms of user size.

    India’s GDP could grow 6.6% in 2020-24, lower than its 2013-17 average of 7.4%, OECD said on Saturday.

    The proposal is aimed at re-allocating some profits and corresponding taxing rights to countries and jurisdictions where MNEs have their markets.

    Despite the spike in coal-fired generation, the pace of new coal capacity added to grids in developing nations is slowing, according to Climatescope. New construction of coal-fired power plants fell to the lowest level in a decade in 2018. After peaking at 84GW of new capacity added in 2015, coal project completions plummeted to 39GW in 2018.

    The OECD sees global growth stuck at 2.9% this year and next, and rising slightly to 3% in 2021.

    Businesses cannot work in silos. Although we live in a competitive world, leveraging complementary resources like research, finance and intellectual property among firms, can accelerate innovation and organisational changes.

    Multinational technology and digital companies may have to cough up a minimum level of corporate tax. The OECD seeks to use financial accounts as a starting point for determining the tax base and provide guidance to MNCs.

    Demand growth is also highly concentrated in just a few sectors.

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