Monday , November 20, 2017 |   12:57:04 IST
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI
About Us Contact Us Instant Updates Newsletters
 
NEWS FLASH
 
TP - In absence of segmental information, companies engaged in two different business modules, cannot be adopted as comparables: ITAT (See 'Breaking News') TP - When results for financial year can reasonably be extrapolated, then comparable cannot be excluded solely on ground that they have different financial year endings: ITAT (See 'Breaking News') TP - When TP adjustments suggested by TPO are not in accordance with law and Assessee has also not adopted correct method of benchmarking, such matter calls for restoration: ITAT (See 'Breaking News') TP - No penalty u/s 271G can be levied, if Assessee had complied with directions of TPO and placed on record requisite information to extent same was practically possible: ITAT (See 'Breaking News') DTAA - Any amendment u/s 9(1)(vi) of I-T Act cannot influence definition of 'royalty' as given under respective DTAA: ITAT (See 'Breaking News') I-T - Once telecom company accepts taxability of income received from provisions of telecom services as 'royalty', appeal impugned previously should be dismissed as withdrawn: (See 'Breaking News') Digital economy to the fore again (See 'TII EDIT') Global Forum releases Peer Review Reports on AEOI standards (See 'TII Brief') TP - Income and expenses of only operating nature are to be taken into account for working out Operating Profit of Tested Party from controlled transaction: ITAT (See 'Breaking News') I-T - Mere confirmation of addition in appeal under quantum assessment cannot per se lead to confirmation of penalty: ITAT (See 'Breaking News') DTAA - When Assessee have no business connection in India or Agency PE/Base BE having no no business income, provisions of section 40(a) is not applicable: ITAT (See 'Breaking News') I-T - Assessee cannot be held liable for failure attributable on part of AO in negligency in making enquiries: ITAT (See 'Breaking News') TP - Method of benchmarking and selection of comparables, should not be done merely by quoting judicial pronouncement and without affording opportunity of hearing: ITAT (See 'Breaking News') TP - No ALP adjustment is warranted on international license revenue receivables from AEs: ITAT (See 'Breaking News') TP - Final order of assessment passed by AO on nonexisting entity post order of Writ Court approving Scheme of Amalgamation, is invalid: ITAT (See 'Breaking News') DTAA - Freight income earned by foreign entity from operating ships in international traffic, is not taxable in India, even if feeder vessels are not owned by such company: ITAT (See 'Breaking News')
 
TII SEARCH
 
 
   
Home >> News Brief
 

Impact of Brexit - UK needs to keep close ties with EU for sustaining future living standards: OECD
By TII News Service
Oct 18, 2017 , Paris

    

A new OECD report has stated that the UK economy has weakened in the aftermath of the decision to leave the European Union. Maintaining close ties with the EU and implementing policies to boost productivity will be crucial for maintaining future living standards.


The latest OECD Economic Survey of the United Kingdom details developments since the June 2016 vote to leave the EU, highlighting growing uncertainties and a number of risks. This includes the hit on households’ purchasing power from higher inflation, declining savings rates, and a fall in net migration. It lays out a range of policy options for meeting the challenges posed by Brexit and building a stronger and more inclusive U.K. economy going forward.

The Survey, presented in London by OECD Secretary-General Ángel Gurría and U.K. Chancellor of the Exchequer Philip Hammond, identifies priority areas for future action, including new productivity-enhancing fiscal initiatives and comprehensive policy reforms to boost the economic performance of lagging regions nationwide.

“The United Kingdom is facing challenging times, with Brexit creating serious economic uncertainties that could stifle growth for years to come,” Mr Gurría said. “Maintaining the closest economic relationship with the European Union will be absolutely key, for the trade of goods and services as well as the movement of labour. Macroeconomic and fiscal policy can and should continue being used to support the economy, both during and after the exit negotiations. Future prosperity will depend on new reforms to improve job quality, boost labour productivity and ensure that the benefits are shared by all.”

The Survey says that sustained economic progress will hinge on a successful outcome to negotiations with the EU and those still to come with other countries. It recommends efforts to ensure high value chain integration for network industries and high levels of access for services sectors to overseas markets.

Monetary stimulus has left “fiscal space” for greater use of productivity-enhancing investment initiatives. The Survey suggests that the Government consider swift deployment of such measures in the event that the low-growth trap continues. It also notes scope for a tax and spending review, to identify additional fiscal initiatives, including the potential for higher National Income contributions for the self-employed and indexation of state pensions on average earnings only.

The Survey says that addressing the regional productivity divide – between high-productivity areas like London and Southern England and lower-productivity regions in the North – can be a key channel for fostering long-term growth and sharing prosperity across the country. As part of the industrial strategy, locally and regionally focused investment in transportation and housing would boost the productivity-enhancing effects of agglomerations. Further decentralisation should include increased local authority oversight over property taxes.

Increasing support for innovation to help businesses adopt modern technologies, enhance business-university collaboration and adapt technical education to local business needs will raise productivity in regions, as will taking additional steps to ensure sufficient teacher training and incentives to reduce teacher shortages in disadvantaged regions, the Survey said.

With employment at high levels, labour and social policy should be directed at improving job quality as well as the productivity of low-skilled workers. This can include the introduction of tighter criteria to restrict self-employment to truly independent entrepreneurs, enhance job security rights for workers on zero-hours contracts, as well as individually targeted programmes to improve lifelong learning opportunities, the Survey said.

 
 
gmail login
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI TII
  • DTAAs
  • TIEAs
  • Circulars (I-T Act, 1922)
  • Circulars
  • Instructions
  • DRP Panel
  • Administrative Orders
  • Notifications
  • I-T Act, 1961
  • Relevant Portion of I-T Rules,1962
  • Relevant Portion of I-T Act,1922
  • GAAR
  • Equalisation Levy
  • Draft Guidelines
  • Committee Reports
  • FATCA
  • Intl-Taxation
  • Finance Acts
  • Manual on EoI
  • DTC Bill
  • UN Model
  • Miscellaneous
  • Guidance Notes - AEOI
  • OECD Conventions
  • Cost Inflation Index
  • Union Budget
  • Information Security Guidelines
  • Circulars
  • Instructions
  • Notifications
  • Relevant Sections of Act
  • TP Rules
  • Forms
  • Miscellaneous
  • APA Annual Report
  • APA Rules
  • APA FAQ
  • UN Manual on TP
  • Safe Harbour Rules
  • US Transfer Pricing
  • FEMA Act
  • Exchange Manual
  • Fema Notifications
  • Master Circulars
  • Press Notes
  • Rules
  • RBI Circulars
  • FDI Circulars
  • Reports
  • FDI Approved
  • RBI Other Notifications
  • FIPB Review
  • Black Money Act
  • PMLA Notification
  • PMLA Instruction
  • PMLA Bill
  • FM Budget Speeches
  • SEBI
  • Multimodal Transportation
  • Vienna Convention
  • NBFC Reports
  • EXIM Bank LoC
  • Manufacturing Policy
  • FTDR Act, 1992
  • Intellectual Property
  • White Paper on Black Money
  • Posting Policy
  • PMLA Cases
  • Transfer of Property
  • CBR Act, 1963
  • MCA Circular
  • Book Review
  • Limitation Act
  • SSAs
  • EPFO
  • FAQs
  • Acts
  • Rules
  • Guidelines
  • Tourist Visa
  • Notifcations
  • Types of Visa
  • Agreements
  • Arbitration
  • Model Text
  • Relevant Portion of I-T Act
  • Circulars
  • I-T Rules, 1962
  • MISC
  • Notifications
  • Subscribe
  • About Us
  • Contact Us
  •  
     
    A Taxindiaonline Website. Copyright © 2016 Taxindiainternational.com Pvt.Ltd. All rights reserved. | Powered by 4th Dimension