Current Affairs – March, 2019

Latest Current Affairs March, 2019 with Current Affairs, news summary on current events of National and International importance of March, 2019 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Debriefing of Tropex 19

Chief of Naval Staff Admiral Sunil Lanba took the debriefing of the recently concluded annual Theatre Level Readiness and Operational Exercise (TROPEX) 19.

The lessons learnt from the Tropex exercise will provide Navy accurate assessments to fine-tune combat deployments, force structuring requirements, operational logistics, and material and training imperatives.

Tropex 2019

  • Tropex is an inter-service military exercise involving the participation of the Indian Army, Air Force, Navy and the Coast Guard.
  • TROPEX 19 had commenced with Tri-services Amphibious Exercise in the A & N islands with the participation of Army and Air Force.
  • This was followed by the largest Coastal Defence Exercise Sea Vigil.
  • About 60 ships of the Indian Navy, 12 ships of the Indian Coast Guard and 60 aircraft were part of TROPEX 19.

The major combat units of the Indian Navy including the Carrier Battle Group with INS Vikramaditya, nuclear submarines and scores of other ships, submarines and aircraft swiftly transited from exercise to operational deployment mode as tensions between India and Pakistan escalated aftermath of Pulwama terror attack.

India, US to Sign Pact for Exchange of Country-By-Country Reports

Both India and the US will sign an agreement to facilitate the exchange of country-by-country (CbC) reports filed by the ultimate parent corporations based in either of the countries.

Country-By-Country Reports

Base Erosion and Profit Shifting (BEPS) has been at the focus of OECD to address Tax evasion. Multinational companies were accused of gaming tax systems to maximise profits, while potentially depriving tax authorities of revenue.

To address this issue one of the measures adopted by OECD is Country-By-Country Reports. The Country-By-Country Reports requires multinational companies to provide information about:

  • The name of each country where it operates.
  • The names of all its subsidiaries and affiliates in these countries.
  • The performance of each subsidiary and affiliate, without exception.
  • The tax charge in its accounts of each subsidiary and affiliate in each country.
  • Details of the cost and net book value of its fixed assets in each country.
  • Details of its gross and net assets for each country.

Section 286 of the Income-tax Act, 1961 requires Indian subsidiaries of multinational companies to provide details of key financial statements from other jurisdictions where they operate. This provides the I-T Department with a better operational view of such companies, primarily with regards to revenue and income tax paid.

The proposed agreement will enable both India and the US to exchange CbC Reports filed by the ultimate parent entities of International Groups in the respective jurisdictions. As a result, Indian constituent entities of international groups headquartered in the USA, who have already filed CbC Reports in the USA, would not be required to do local filing of the CbC Reports of their international groups in India and vice versa.

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