National NEWS
India and majority members of OECD and G20 Inclusive Framework on Base Erosion & Profit Shifting adopted a high-level statement that outlines a consensus solution in a bid to address tax challenges that are arising from digitalisation of economy.
- This proposed solution comprises of two components:
- First pillar is about reallocation of additional profit share to market jurisdictions and
- Second pillar comprises of minimum tax and subject to tax rules.
- However, some significant issues like share of profit allocation and scope of subject to tax rules are open and need to be addressed.
- Technical details of proposal will be worked out soon and a consensus agreement will come by October 2021.
- A total of 130 countries agreed to an overhaul of global tax norms to ensure multinationals pay taxes wherever they operate and at a minimum 15% rate.
International NEWS
- After nearly 20 years, the U.S. military left Bagram Airfield, the epicentre of its war to oust the Taliban and hunt down the al-Qaeda perpetrators of the 9/11 terrorist attacks on America. The airfield was handed over to the Afghan National Security and Defence Force in its entirety.
Business NEWS
- Goods exports touch record $95 bn in Q1 of 2021-22.
- Forex reserves surge by $5 bn to $609 billion: India’s foreign exchange reserves surged by $5.06 billion to touch a record high of $608.99 billion in the week ended June 25, 2021, RBI data showed. During the week under review, the increase in the reserves was on account of a rise in foreign currency assets (FCA), a major component of the overall reserves. FCA rose by $4.7 billion to $566.24 billion. Gold reserves rose by $365 million to $36.296 billion. The special drawing rights with the IMF remained unchanged at $1.49 billion.
- Union Minister Nitin Gadkari on Friday announced the inclusion of retail and wholesale trade under MSMEs as per which they will also now get the benefit of priority sector lending under RBI guidelines.
Health NEWS
- Drugmaker Laurus Labs has received licence from the Defence Research and Development Organisation (DRDO) to manufacture and market 2-Deoxy-D-Glucose (2DG), an oral drug indicated as an adjunct therapy for hospitalised COVID-19 patients.
Sports NEWS
- T. Mariyappan, who will defend the men’s high jump (T-42) gold at the Tokyo Paralympic Games will be the flagbearer of the Indian team.
- Maana Patel has become the first female and only the third swimmer from India to qualify Tokyo Olympics 2021 ticket.
