Japan Current Affairs - 2020

Japan successfully launches first military communications satellite

Japan has successfully launched its first military communications satellite Kirameki-2 (kee-RAH-meh-kee 2) satellite.

It was launched on board of H-2A rocket that lifted off from the Tanegashima Space Center in southern Japan. The satellite separated from the rocket and entered a designated orbit.

Key Facts
  • The Kirameki-2 satellite has been designed to upgrade Japan’s existing communication network in the face of China’s increasingly assertive maritime activity and North Korea’s missile threat.
  • It is the first of three satellites that will replace three civilian satellites currently used by Japan’s military. The new satellites will allow military units to communicate on a high-speed and high-capacity network.
  • These satellites aimed at stepping up Japan’s emergency response capability in case of natural disaster, China’s maritime activity from southern Japanese waters to South China Sea, as well as missile threats from North Korea.
  • They will be also used by Japanese troops operating overseas as part of international peacekeeping operations, including those off the Somali coast and in South Sudan.

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CBDT inks Bilateral Advance Pricing Agreement

The Central Board of Direct Taxes (CBDT) has entered into a Bilateral Advance Pricing Agreement (BAPA) on the with Indian subsidiary of a Japanese trading company.

Earlier, CBDT also had modified an existing Bilateral APA with another Indian subsidiary of a Japanese company to include rollback provisions. Thus, total three BAPAs have been signed by CBDT with Indian subsidiaries of Japanese companies all including rollbacks. With this total number of BAPAs entered into by CBDT is now eight.

What is Advance Pricing Agreement (APA)?

The APA Scheme was introduced in the Income Tax (IT) Act, 1961 in 2012 and the provisions related to rollback were introduced in 2014. It strengthens Government’s mission of fostering a non-adversarial tax regime. It endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance. Under BAPA, certainty in tax treatment is provided for the next 5 years while rollback provides dispute redressal for a maximum of four past years preceding APA years.

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