Netherlands Current Affairs

CBDT signs two Advance Pricing Agreements

The Central Board of Direct Taxes (CBDT) has entered into 2 Bilateral Advance Pricing Agreements (APAs) in November 2017. These two agreements are first ever Bilateral APAs with Netherlands.

These two APAs pertain to Electronics and Technology sectors of economy. It also covers international transactions that include Distribution, Provision of Business Support Services, Provision of Marketing Support Services etc.

With this, the total number of APAs entered into by CBDT has gone up to 186. This includes 171 Unilateral APAs and 15 Bilateral APAs.

Advance Pricing Agreements (APAs)

The APA Scheme was introduced by Government in 2012 to give tax certainty to MNCs that agree on certain principles in valuation of their cross-border transactions. They also provide assessees with alternate dispute resolution mechanism with respect to transfer pricing. It also helps in determining arm’s length price of international transactions in advance for maximum period of five future years. The rollback provision to pull out of it was introduced in 2014. The progress of APA scheme strengthens the government’s resolve of fostering a non-adversarial tax regime.

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French mathematician Yves Meyer wins 2017 Abel Prize

French mathematician Yves Meyer has won the prestigious 2017 Abel Prize for his pivotal role in the development of the mathematical theory of wavelets (small waves or ripples).

His theory is used for applications ranging from image compression to the detection of gravitational waves from the merging of black holes. It also allowed scientists to create unique wavelet transforms suited to specific signals.

About Abel Prize

  • It is awarded annually by the Norwegian Academy of Science and Letters to one or more outstanding mathematicians. It is named after Norwegian mathematician Niels Henrik Abel.
  • The award was established by the Government of Norway in 2001. It is described as the mathematician’s Nobel Prize and is one of the world’s top prizes in mathematics
  • It carries monetary award of 6 million Norwegian kroner (NOK) (around 600,000 Euros).
  • Indian American mathematician R. Srinivasa Varadhan was bestowed with this award in 2007 for his fundamental contributions to probability theory and for creating a unified theory of large deviation.

About Wavelets

Wavelets are widely used in signal processing, including in compressing certain formats of JPEG images. They are like their more famous cousins Fourier transforms. They are particularly useful when the goal is to discard some extraneous information (such as low-frequency noise from the universe) while keeping the important signal.

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