Current Affairs – March, 2019

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

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EU Adds 10 Countries to Tax Blacklist

The European Union has expanded its tax haven blacklist by including 10 countries. The list now has 15 countries. The list was first drawn up by EU in 2017 in the wake of several scandals, including the Panama Papers and LuxLeaks, that pushed the EU into doing more to fight tax evasion by multinationals and the rich.

Expansion of the List

  • Seven countries Aruba, Belize, Bermuda, Fiji, Oman, Vanuatu and Dominica were moved from greylist to blacklist due to their inability towards reform commitments.
  • Three other countries added into the list are Barbados, the United Arab Emirates and the Marshall Islands.

EU list of Tax Blacklist or Tax Havens

Tax Havens provide taxpayers with opportunities for tax avoidance, while their secrecy and opacity also serve to hide the origin of the proceeds of illegal and criminal activities. Features of these Tax Havens include low or zero taxation, fictitious residences (with no bearing on reality) and tax secrecy.

EU initiated the naming and shaming tactics through Tax blacklist or Tax havens as a tool for securing a level playing field and as an external strategy for effective taxation by assessing, screening and listing third-country tax jurisdictions which are non-cooperative in tax matters.

Month: Categories: InternationalUPSC

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Retail inflation increases to 2.57% in February 2019

The Central Statistical Office (CSO) has released the data of Inflation for the month of February 2019. The data shows that:

  • Retail inflation was at a four-month high of 2.57 per cent in February 2019 due to costlier food articles. The retail inflation was highest since October 2018 when it stood at 3.38 per cent.
  • Consumer Price Index-based inflation for January 2019 was revised down to a 19-month low of 1.97 per cent from an earlier estimate of 2.05 per cent.
  • Food inflation at (-) 0.66 per cent in February 2019 was lower against 3.26 per cent in the same month last year.
  • The consumer food price index increased by 0.15 per cent in February against January 2019.
  • The prices of Protein-rich items such as meat & fish and eggs witnessed a quick rise in prices at 5.92 per cent and 0.86 per cent respectively in February.
  • The prices of cereal and products went up at 1.32 per cent.
  • Fruits and Vegetable prices continued their declining trend.
  • In the fuel and light category, the rate of price rise slowed to 1.24 per cent from 2.20 per cent in January.

With the headline inflation reading at 2.57 per cent and industrial production growth on the downside at 1.7 per cent, economists see a case and space for one more rate cut of 25 bps by RBI in April to support growth.

Month: Categories: Business, Economy & BankingUPSC

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