26 Mar 2018: UPSC Exam PIB Summary & Analysis

Country-by Country report

  • The BEPS Action 13 report (Transfer Pricing Documentation and Country-by-Country Reporting) provides a template for multinational enterprises (MNEs) to report annually and for each tax jurisdiction in which they do business the information set out therein.
  • This report is called the Country-by-Country (CbC) Report.
  • This exchange of information is facilitated as part of Action 13 of the base erosion and profit shifting (BEPS) Action Plan adopted by the OECD and G20 countries in 2013.
  • India’s commited to implement the Recommendations of the 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project.
  • Section 286 of the Income-tax Act, 1961 (‘the Act’) was inserted vide Finance Act, 2016, which provides for furnishing of a Country-by-Country (CbC) Report in respect of an International Group.
  • The CbC Report is to be furnished by the ultimate parent entity of an International Group in the country or territory of its residence.
  • As specified under sub-section (2) of Section 286, the said Report is to be furnished on or before the due date specified under Section 139(1) of the Act for furnishing of return of income for the relevant accounting year.
  • The date for furnishing of CbC Report under sub-section (2) of Section 286 for FY 2016-17 was subsequently extended to 31stMarch, 2018.

 

THE THAI FILM FESTIVAL

  • It is being organised by the Royal Thai Consulate-General in Mumbai in cooperation with the Films Division.
  • Eight Thai films, six feature films one short film and one documentary from various genres including, animation, classic drama, comedy drama, action, and horror will be screened during the Festival.
  • The Festival would not only allow Indian public to experience Thai Culture through films, food and cultural performance but also marks good co-operation between India and Thailand in cultural and academic exchange through film diplomacy.

 

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