News Update

Israel-Iran War: A close shave for Global Economy but for how long?I-T - If income from stock-in-trade are held as investments, then provisions of section 14A would apply to such income: ITATTRAI recommends on Infra Sharing, Spectrum Sharing & Spectrum LeasingI-T- Revisionary powers u/s 263 can't be exercised when AO has neither assumed facts incorrectly nor there is incorrect application of law : ITATTechnology Board okays funding of Dhruva Space's Solar Array ProjectI-T- Issue of interest is debatable issue on which two views are possible and AO accepted one of views for which PCIT cannot assume revisional jurisdiction: ITATHealth Secy visits Bilthoven Biologicals, discusses production of Polio VaccineI-T - Estimation of profit element from purchases should be done reasonably if assessee could not conclusively prove that purchases made are from parties as claimed, in absence of confirmations from them: ITATStudy finds Coca-Cola accounts for 11% of branded plastic pollution worldwideI-T- Triplex flats purchased are interconnected and can be considered as 'a residential unit'' as per definition of section 54F of Act : ITATDelhi HC says conspiracy against PM is a crime against StateI-T- AO omitted to probe issue of cash payments made over specified limit; revisionary power u/s 263 is rightly exercised: ITATBrazil makes new rules to streamline consumption taxesI-T-Power of revision unnecessarily exercised where AO had no scope to examine creditworthiness & genuineness of assessee's creditors: ITATBiden signs rules mandating airlines to give automatic refunds for delayed or cancelled flightsI-T-As per settled law, in absence of enabling powers, no disallowance can be made : ITATBYD trying to redefine luxury for new EV variantsGST - On the one hand, the order states registration is liable to be cancelled retrospectively and on the other hand mentions that there are no dues - Order modified: HCIsrael finally moving ahead with Rafah OperationsGST - Registration cancelled retrospectively on ground that physical verification revealed that the firm was non-existent - Petitioner had informed that they shifted business and had sought cancellation of registration - Order cancelling registration modified: HCNorway oil major boss says Europeans are not hard-working as compared to AmericansGST - Since registration was cancelled, petitioner could not access portal and view the SCNs and file replies - Order set aside and matter remitted: HCJio turns world’s top telco in terms of data trafficGST - Reply filed is a detailed one and if the proper officer was of the view that the same was unsatisfactory, he should have specifically sought further details - Matter is remitted: HCGadkari faints during campaign; Heat takes toll on his healthGST - SCN does not put petitioner to notice that the registration is liable to be cancelled retrospectively - Order set aside and registration restored: HCSC asks EC to submit more info on reliability of EVMsGST - Non-application of mind - Proper officer has merely observed that the reply filed is unclear and unsatisfactory and, therefore, the demand is confirmed - Matter remitted for re-adjudication: HCItaly imposes USD 10 mn fine on Amazon for unfair business practicesCommercial Tax - Judgment of High Court is in jeopardy once appeal is entertained by Supreme Court - Appeals shall remain pending before the Appellate Board, Bench at Indore, till the issue is decided by Apex Court: HCUS warns Pak of punitive sanctions against trade deal with IranST - As the job-work undertaken by appellant amounts to manufacture, service tax cannot be levied on them under both Heads 'Business Auxiliary Service' and 'Business Support Service': CESTATRight to Sleep - A Legal lullabyCX - Existence of corroborative evidence is essential in order to establish clandestine removal of goods and same cannot be merely based on assumptions and presumptions: CESTAT
 
No change in UN-sponsored list of LDCs in past 15 years; LDCs have 12.5% world population but account for only 1.1% of global trade

By TIOL News Service

ANTALYA, MAY 29, 2016: A United Nations conference focused on the world's least developed countries (LDCs) kicked-off yesterday in Turkey, to assess these 48 States' progress over the past five years, and to find ways of accelerating their path towards sustainable development.

“Least developed countries have seen significant progress and are a major human and natural resource potential for the world, but more needs to be done to support them,” said Gyan Chandra Acharya, the UN High Representative for Least Developed Countries, Landlocked Developing Countries, and Small Island Developing States, speaking in the Turkish coastal city.

“This event is a major opportunity for the international community to come together and reaffirm global commitments that were made in 2011 to ensure that the world's poorest nations are at the forefront of efforts to build an inclusive and sustainable future for the world,” he added.

Five years ago, UN Member States met in Turkey and adopted the Istanbul Programme of Action (IPoA), a ten-year plan to give impetus to economic and social development in some of the world's most vulnerable States.

The opening session of the Midterm Review of the IPoA, co-organized by Mr. Acharya's Office (OHRLLS) and the Government of Turkey, brought together high-level representatives and over two thousand stakeholders from governments, international and regional organizations, civil society, the private sector, foundations, think tanks and the media.

The three-day event will focus on how LDCs have experienced some progress in areas including poverty reduction, child mortality, gender parity and access to internet and mobile networks. Economic growth has also been strong even though its pace has been more volatile and below the average of the last decade. There has also been an increase in the number of countries fulfilling criteria which will lead towards graduation from their status as an LDC.

Countries that demonstrate the lowest indicators of socioeconomic development – typically high infant mortality rates and low life expectancy rates, among others – are considered LDCs. A country is classified as an LDC if it meets three criteria:

Poverty – adjustable criterion based on Gross National Income (GNI) per capita averaged over three years. As of 2015 a country must have GNI per capita less than US ,035 to be included on the list, and over ,242 to graduate from it.

Human resource weakness (based on indicators of nutrition, health, education and adult literacy); and Economic vulnerability (based on instability of agricultural production, instability of exports of goods and services, economic importance of non-traditional activities, merchandise export concentration, handicap of economic smallness, and the percentage of population displaced by natural disasters).

According to the UN, Samoa is the only country to have graduated since 2011. Equatorial Guinea, Vanuatu and Angola are scheduled to graduate, and seven other LDCs – Bhutan, Kiribati, Nepal, Sao Tome and Principe, Solomon Islands, Timor-Leste and Tuvalu – have reportedly met the criteria as of March 2015. Only Botswana, Cape Verde and Maldives graduated before 2011.

“This is an important opportunity to focus on the special needs of LDCs, and to assess the status of implementation of the IPoA, taking into account last year's important global agendas, including the 2030 Agenda for Sustainable Development and the associated Sustainable Development Goals (SDGs),” said Helen Clark, the Administrator of the UN Development Programme (UNDP), at the opening plenary.

“Despite important progress, however, significant challenges remain: 51 per cent of the population of LDCs live in extreme poverty, and 18 million children of school age are not in school. Despite LDCs having 12.5 per cent of the world's population, their exports account for only 1.1 per cent of the global total,” she noted.

The category of least developed countries (LDCs) was officially established in 1971 by the UN General Assembly to attract special international support to disadvantaged members of the UN family. The current list includes 34 in Africa, 13 in Asia and the Pacific, and one in Latin America. The newest to have joined is South Sudan.

“We cannot accept that in the next 15 years there will not be a reduction in the number of LDCs,” said Mogens Lykketoft, the President of the 70th session of the General Assembly, in an interview with the UN News Service.

“We have to make sure that there is enough growth in their economies so that there will be many, many, of the LDCs moving out of that category. It has been all too few up until now,” he lamented, noting that many are still least developed because of conflict, which if left uncontained, will impede efforts to end underdevelopment, poverty and hunger.

Speaking at a press conference, the Turkish Minister of Foreign Affairs, Mevlüt Çavuşoğlu, said the global community should never forget that humanitarian and social development is “indispensable” for sustainable development.

“We will continue to bring the challenges of least developed countries to the agenda of G-20,” he stressed, noting that Turkey's official development aid was about billion in 2010, and increased to .9 billion in 2015.


POST YOUR COMMENTS
   

TIOL Tube Latest

Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.


Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.