India & UK sign three Bilateral Advance Pricing Agreements

These three APAs cover international transactions in the nature of payment of intra-group service charges and pertain to the telecom industry. They also have a roll-back provision.

The Central Board of Direct Taxes (CBDT) signed three Bilateral Advance Pricing Agreements (APAs) with the Competent Authority of United Kingdom (UK) to reduce tax litigation. Earlier both countries had exchanged mutual agreements amongst them under the Mutual Agreement Procedure (MAP) Article of the India-UK Double Taxation Avoidance Convention (DTAC). With this, CBDT so far has entered into 111 APAs.

What is Advance Pricing Agreement (APA) Programme?

The APA Programme was introduced by Finance Act, 2012 with a view to provide a predictable and non-adversarial tax regime and to reduce litigation in Indian transfer pricing arena. Rollback of APAs was announced in the Budget in July 2014. An APA is usually signed between taxpayer and central tax authority on an appropriating transfer pricing methodology for determining the value of assets and taxes on intra-group overseas transactions. An APA can be entered into for a maximum of 5 years at a time.

It seeks to introduce certainty in tax law by reducing compliance costs and make tax regime investment friendly. It provides certainty to taxpayers regarding transfer pricing that aim to avoid disputes between taxpayer and tax regulator.

What are benefits of APAs?

Boost to economy and ease of doing business. Provide alternative path to the investors with rollback provision to reduce litigation Strengthen Government’s mission of fostering a non-adversarial tax regime.

NALSA: Jagdish Singh Khehar appointed new Executive chairman

 

The Union government has appointed Jagdish Singh Khehar, a judge of the Supreme Court, as the new Executive Chairman of the National Legal Services Authority (NALSA). He succeeds Anil R. Dave who retired as Judge of Supreme Court after completing tenure of over six years.

National Legal Services Authority (NALSA)

NALSA provides for free legal aid to the poor and weaker sections of the society. It has been constituted under the Legal Services Authorities Act, 1987. Its aim is to ensure that opportunities for securing justice are not denied to any citizen by reasons of economic or other disabilities. NALSA also identifies specific categories of marginalized and excluded groups and formulates various schemes for implementation of legal service programmes.

        It provides services of free legal aid in civil and criminal matters for the poor and marginalized people who cannot afford the services of a lawyer in any court or tribunal. It also organizes Lok Adalats for amicable settlement of disputes. It works in close coordination with various State Legal Services Authorities, District Legal Services Authorities and other agencies.

world’s first salt-tolerant plant garden got in Tamil Nadu

 

The world’s first Genetic Garden of Halophytes (naturally occurring salt-tolerant plants) was inaugurated at the coastal town of Vedaranyam in Tamil Nadu. The first of its kind garden in the world was inaugurated by Mauritius President Ameenah Gurib Fakim through video-conferencing.

Key Facts

The garden has been set up by M S Swaminathan Research Foundation (MSSRF) founded by eminent agriculture scientist Prof M S Swaminathan, father of Indian Green Revolution. It will have over 1,600 species belonging to 550 genera and 117 families of Halophytes plants.

Initially it will comprise halophytes occurring along the coasts of India including the Andaman and Nicobar Islands.

What are Halophytes?

Halophytes are salt-tolerant or salt-resistant plants. They can thrive and complete their life cycles in soils or waters containing high salt concentrations. They constitute two per cent of terrestrial plant species.

Significance

Halophytes plants are important in the context of increasing salinisation of land especially due sea level rise because of climate change and global warming. In recent times, alarming rise in the sea level has prompted agriculture scientists to call for the cultivation of saline-tolerant crops in light danger of sea intrusion. In future, anticipatory research of these plants could reap rich rewards to mitigate impact of climate change as they can provide food for people, fodder for livestock, bio fuel and also can be used for ornamental purposes.