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  • India to sign Multilateral Convention against tax evasion by companies

    Published on May 18, 2017

    The Cabinet on Wednesday approved India’s signing of the Multilateral Convention to implement Tax treaty related measures to prevent tax evasion by companies through base erosion and profit shifting. Such tax evasion is done through tax planning strategies that exploit gaps and mismatches in tax rules in different countries to artificially shift profits to low or no tax locations where there is little or no economic activity by the company. This results in little or no overall corporate tax being paid.

    At the G-20 summit in 2015, Prime Minister Narendra Modi had pushed for a multilateral convention to check this form of tax erosion by companies. In a tough message to those who overstay in govt accommodation. The Cabinet approved amendment in the Public Premises (Eviction of Unauthorized Occupants) Act, 1971.Now the govt can ensure that unauthorized occupants are evicted from govt accommodations in a speedy manner and the vacated accommodations are made available to eligible govt employees, this reducing their waiting period.

    The Cabinet also approved pan-India implementation of Maternity Benefit Program under which pregnant and lactating mothers would be allocated 6000 rupees via Direct Benefit Transfer for better maternal and infant health. Reflecting Government’s resolve to boost agriculture in the Northeast . The Cabinet approved setting up of the third Indian Agricultural Research Institute in Assam.

    Govt gave its nod to 3 Railway projects. They include construction of double line with electrification in 4 districts that fall in the Guntur-Guntakal route in Andhra Pradesh. Construction of an electrified third line between Manmad and Jalgaon in Maharashtra. Construction of double line with electrification between Phephana-Indara and Mau-Shahganj in UP .

    4 laning of Porbandar-Dwarka Section of NH-8E in Gujarat also got Cabinet nod. A Biopharma Mission for accelerating discovery research also got the green signal.

    In other decisions, the Cabinet APPROVED introduction of Ancient Monuments and Archaeological Sites Remains (Amendment) Bill, 2017 in Parliament to make way for Public works construction within the prohibited area.


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