Economy Current Affairs - 2019
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Union Government has signed $200 million loan agreement with Asian Development Bank (ADB) for Bihar State Highways III Project (BSHP-III). It will finance widening and upgrading of about 230 kms state highways in Bihar to all-weather standards with road safety features. Since 2008, ADB has provided four loans to Bihar amounting to $1.43 billion to upgrade about 1,453 km of State Highways and to construct new bridge over Ganga River near Patna (on completion it will be the India’s longest river bridge).
Bihar State Highways III Project (BSHP-III)
It was approved by ADB Board in October 2018. It aims at upgrading State Highways to standard two-lane width with road safety features and paved shoulders including reconstructing, widening and strengthening culverts and bridges. It also seeks to build institutional capacity of State for road design and maintenance and incorporate appropriate new technologies in the State’s road sub-sector. The improved roads under the Project will contribute to savings in vehicle operating cost and travel time, reduce vehicle emissions and improve road safety. This loan will complement efforts of Bihar Government to upgrade all state highways to meet minimum two-lane standard with better surfaces and improved road safety leading to improved connectivity. It will also establish State-level Road Research Institute to improve technical and management capacity of Road Agency Staff.
Asian Development Bank (ADB)
ADB is a regional development bank based out of Asia. It aims to promote social and economic development in Asia by achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It was established in December 1966. It is headquartered at Ortigas Centre in Manila, Philippines. It has total 67 members, of which 48 are from within Asia and the Pacific and 19 outside
India and China have signed protocol to amend Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and for prevention of fiscal evasion with respect to taxes on income by allowing exchange of information. Under Section 90 of Income-tax Act, 1961, India can enter into agreement with foreign country or specified territory for the avoidance of double taxation of income, for exchange of information for the prevention of evasion.
The Protocol to amend DTAA with China updates existing provisions for exchange of information to latest international standards. It incorporates changes required to implement treaty related minimum standards under the Action reports of Base Erosion & Profit Shifting (BEPS) Project. Besides minimum standards, it also brings in changes as per BEPS Action reports as agreed upon by the two sides. It will help prevent tax evasion by allowing the exchange of information.
Tags: Base erosion and profit shifting • BEPS • Corporate tax avoidance • Double taxation • Double Taxation Avoidance • DTAA • Economy • Foreign Direct Investment • India-China • International taxation • Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting • National • Tax • Tax avoidance • Tax Evasion • Taxation in the United States • World Economy