Netherlands Current Affairs
Fourth International Ayurveda Congress (IAvC) was held in Leiden, Netherlands from September 1 to 2, 2018. It was inaugurated by Minister of State, (IC), for AYUSH Shripad Yesso Naik. The Congress was jointly organized by International Maharishi Ayurveda Foundation, Netherlands; All India Ayurvedic Congress, New Delhi and International Academy of Ayurveda, Pune in association with Indian Embassy in Netherlands.
The congress focused on promotion and propagation of Ayurveda in Netherlands and its neighboring countries of Europe. On sidelines of this congress, Indian Embassy also had organized special seminar titled “India-Netherlands collaboration in Healthcare, including Ayurveda”. Special Seminar titled “India-Netherlands collaboration in Healthcare, including Ayurveda” was also organized by Indian Embassy on sidelines of this conference. This seminar was jointly addressed by AYUSH Minister and Dutch Minister for Medical Care and Sport Bruno Bruins highlighting benefits on traditional knowledge of India such as Yoga and Ayurveda for healthy living and aging.
India has long history and culture running over 5000 years of using traditional medicines for health care and developing them with modern scientific outlook. AYUSH is acronym of tradition medical systems that are being practiced in India such as Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy which are collectively abbreviated as AYUSH.
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.