India-Singapore Current Affairs

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Bilateral Exercise SIMBEX-17 between Indian & Republic Of Singapore Navy Commences

The 24th bilateral exercise involving Indian Navy and Republic of Singapore Navy has commenced in South China Sea. SIMBEX stands for “Singapore-India Maritime Bilateral Exercises“. The exercise will be held from May 18, 2017 to May 24, 2017.

This edition of the bilateral exercise aims at increasing the interoperability among the two navies as well as developing a common understanding and procedures among the two navies for maritime security operations. The major thrust of the exercise will lie on Anti-Submarine Operations (ASN), integrated operations with Surface, Air and Sub-surface Forces, Air Defence and Surface Encounter Exercises.

The exercise would be conducted into two phases-the Harbour Phase and the Sea Phase. The Indian Navy will be represented by Indian Naval Ships Shivalik, Sahyadri, Jyoti and Kamorta, one P8-I Maritime Patrol and Anti-Submarine Warfare Aircraft. INS Sahyadri and INS Shivalik are both multi-role stealth frigates. INS Kamorta is an indigenous Anti-Submarine Warfare Corvette. lNS Jyoti is the fleet replenishment tanker. P 8I Maritime Patrol and Anti-Submarine Warfare Aircraft is a long Range Maritime Reconnaissance Anti- Submarine (LRMRASW) aircraft.
The Singapore Navy will be represented by naval ships Supreme, Formidable and Victory, Maritime Patrol Aircraft Fokker F50 as well as RSAF F-16 aircraft.

Background

The Indian & Republic of Singapore Navy began participating in the bilateral exercises in 1994. Since then the two navies share a long standing relationship with regular professional interactions that include exchange programs, staff talks and training courses. The earlier edition of the bilateral exercise, SIMBEX-16 was held  at Visakhapatnam in Bay of Bengal.

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Government notifies third Protocol amending India-Singapore DTAA

The Union Finance Ministry has notified hird Protocol amending India-Singapore Double Taxation Avoidance Agreement (DTAA). The agreement came into force in February 2017and was signed in December 2016.

The Third Protocol amends the DTAA between both countries to provide for source-based taxation of capital gains arising on sale of shares in a company.

Key Facts

  • The India-Singapore DTAA at present provides for residence-based taxation of capital gains of shares in a company.
  • The addition of provision of source-based taxation of capital gains in DTAA, will help to curb revenue loss, prevent double non-taxation and streamline the flow of investments.
  • It also provides certainty to investors, investments in shares made before April 1, 2017 subject to fulfilment of conditions in Limitation of Benefits clause as per 2005 Protocol.
  • Further, it also provides a two-year transition period from April 1, 2017 to March 31, 2019 during which capital gains on shares will be taxed in source country at half the normal tax rate.
  • It also facilitates relieving of economic double taxation in transfer pricing cases. It is a taxpayer-friendly measure and is in line with India’s commitments under Base Erosion and Profit Shifting (BEPS) Action Plan.
  • It also enables application of domestic law and measures concerning prevention of tax avoidance or tax evasion.

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India and Singapore ink 3rd Protocol for amending DTAA

India and Singapore have signed a Third Protocol to amend DTAA (Double Taxation Avoidance Agreement) for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income.

It was signed in line with India’s treaty policy to prevent double non-taxation, curb revenue loss and check the menace of black money through automatic exchange of information.

Key Facts
  • The Third Protocol amends DTAA to provide for source based taxation of capital gains arising on transfer of shares in a company.
  • It will come into effect from April 1, 2017 to provide for source based taxation of capital gains arising on transfer of shares in a company.
  • It also inserts provisions to facilitate relieving of economic double taxation in transfer pricing cases. It also enables application of domestic law and measures concerning prevention of tax avoidance or tax evasion.
  • This is a taxpayer friendly measure and is in line with India’s commitments under Base Erosion and Profit Shifting (BEPS) Action Plan to meet minimum standard of providing MAP access in transfer pricing cases.
  • Two year transition period from April 1, 2017 to March 31, 2019 has been provided during which capital gains on shares will be taxed in source country at half of normal tax rate.

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