International Current Affairs 2017

India, U.K. amend convention on DTAA

India and the U.K. inked a protocol amending the 1993 imagebilateral convention on avoidance of double taxation and prevention of fiscal evasion related to taxes on income and capital gains.

Main features of this protocol:

  • Streamlining the partnership and taxation of dividends provisions in both the countries.
  • Provide tax stability to the residents of the two countries.
  • Facilitate mutual economic cooperation besides stimulating flow of investment, technology and services b/w the two nations.
  • Provisions for effective exchange of information b/w the tax authorities of the both sides.
  • Exchange of banking information and supplying of information irrespective of domestic interest.
  • Sharing of information to other agencies with the permission of the supplying state.

Tags:

Australian schools to teach Hindi; Australia releases the Asian Century White Paper

image

Announcing that Asia’s rise is “unstoppable”, Australia brought out a challenging plan aimed at fortifying its links with India and other booming economies of the Asian region. The Australian plan includes teaching languages like Hindi and Mandarin in its schools. All Australian schools will engage with at least one school in Asia to support the teaching of a priority Asian language — Mandarin, Hindi, Indonesian or Japanese. Australia also released ‘Asian Century White Paper’ with an aim to extend and strengthen it links with Asia.

What is the aim of ‘Asian Century White Paper’?

Australia intends to take advantage of a booming Asian region. The Australian Government commissioned a White Paper on Australia in the Asian Century on September 28, 2012. It released this white paper to consider the likely economic and strategic changes in the region and what more can be done to position Australia for the Asian Century. The white paper lays a strategic framework to guide Australia’s navigation of the Asian Century. It includes:

  • Current and likely future course of economic, political and strategic change in Asia, including China, India, the key ASEAN countries as well as Japan and South Korea.
  • Domestic economic and social opportunities and challenges of the Asian Century for Australia, including in the economy, science and technology collaboration, clean energy, education, business-to-business and people-to-people links and culture;
  • Political and strategic implications of the Asian Century for Australia
  • Role of effective economic and political regional and global cooperation.
  • Actions that will be taken over the next 5 years and further policy initiatives to be developed over the next 10 to 15 years.

Tags: