Oman Current Affairs - 2019

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World Bank’s Migration and Development Brief

As per the report of the World Bank’s Migration and Development Brief, India has retained its position as the world’s top recipient of remittances (money sent back home by its nationals working abroad) in 2018.

World Bank Report on Remittances

  • Indian diaspora has sent $79 billion (approximately Rs 5.5 lakh crore) home.
  • The Remittances grew by more than 14% in India.
  • A flooding disaster in Kerala has likely boosted the financial help that migrants sent to families.
  • India received $ 62.7 billion remittances in 2016 and it was $65.3 billion in 2017.
  • India was followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion) and Egypt ($29 billion),
  • Remittances to low-and-middle-income countries rose 9.6% from 2017 and touched a record high of $529 billion in 2018.
  • Global remittances reached $689 billion in 2018, up from $633 billion in 2017.
  • Remittances to South Asia grew 12% to $131 billion in 2018.
  • The upsurge in remittances was driven by stronger economic conditions in the United States.
  • The pick-up in oil prices had a positive impact on outward remittances from some GCC [Gulf Cooperation Council] countries.
  • Excluding China, remittances to low and middle-income countries ($462 billion) were significantly larger than foreign direct investment flows in 2018 ($344 billion).

Gulf Cooperation Council

Gulf Cooperation Council is s a regional intergovernmental political and economic union consisting of all Arab states of the Persian Gulf except Iraq. Its member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

Month: Categories: Business, Economy & BankingUPSC

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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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