Sunday , July 12, 2020 |   05:06:41 IST
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRIsikis
About Us Contact Us Newsletters
 
NEWS FLASH
 
CLI remains close to crisis low in India: OECD (See 'Brief') If second wave of COVID-19 hits American economy to grow only by 1.9% in 2021: OECD (See 'Brief') I-T - Payments received does not constitute an income and cannot be termed as FTS as no services have been rendered and assessee has merely made payment to 3rd parties on behalf of branch of CIPL and subsequently raise invoices on CIPL: ITAT (See 'Breaking News') I-T - Whether when taxpayer has undertaken bundle of international transactions with its AE and same has been benchmarked by applying combined approach, no segregation is called for: ITAT (See 'Breaking News') Filling up vacancies at the level of Director/Deputy Secretary in Foreign Tax & Tax Research (FT&TR) Division, CBDT, Department of Revenue (See 'Bulleting Board') How to dragoon 'Winged Dragon'? - Not eye-rolling but long-term economic isolationism may! (See 'The Cob(Web)' Column) I-T - Sale receipts of shrink-wrap software cannot be taxed as 'royalty’: ITAT (See 'Breaking News') TP - Additional evidences should be admitted as it would have not been possible to determine correct ALP-adjustments and tax liability of assessee without admission of additional evidences: ITAT (See 'Breaking News') Corporate tax - OECD data reveals misalignment by 4000 MNEs (See 'Brief') TP - It is fit case for remand where provision of warranty requires re-consideration after examining copy of provision for warranty and warranty expenses: ITAT (See 'Breaking News') TP - Merely because prescribed Form No. 3CEB is filed in accordance with Rule 10E r.w.s. 92BA, it will not make taxpayer susceptible to onerous investigation on transactions where he prima facie demonstrates that Section 92BA is wholly inapplicable: ITAT (See 'Breaking News') TP - AMP expenses incurred by assessee is not capital in nature as no permanent character or advantage is achieved through same: ITAT (See 'Breaking News') TP - Providing Corporate Guarantee is not transaction much less international transaction: ITAT (See 'Breaking News') TP - Issues which emerged as result of adjustments made during TP Proceedings would not be fit for penalty if issues are debatable: ITAT (See 'Breaking News') TP - it is fit case for remand so as to enable AO & TPO to re-consider the issue of royalty, where similar matter in assessee's own case for past AY, was remanded: ITAT (See 'Breaking News') TP - Functional dissimilarity is enough ground for rejection of comparable: ITAT (See 'Breaking News') TP - e-connectivity charges paid by assessee-company to its parent company abroad is allowed as revenue expenses & on which deduction is allowed: ITAT (See 'Breaking News')
 
TII SEARCH
 
 
   
Home >> News Brief
 

World Bank moots fuel tax Reforms for Russia
By TII News Service
Jan 09, 2020 , Washington DC

    

THE World Bank's Russia Economic Report (RER) has pitched fuel taxation reforms before the authorities for execution over the medium to long term. Prepared last month, RER is produced twice a year by World Bank economists.

As put by RER, "In the medium- to long- term, and with the necessary political backing, it would be important to increase fuel excise taxes and differentiate tax rates by the social and environmental cost of fuel use. Exploring the use of carbon taxes or other forms of carbon pricing harmonized within broader trade and technology agreements with prospective trading partners would also help".

The reforms should encompass elimination of non-transparent subsidies to producers and consumers. These can be regressive and distort incentives for efficient consumption. Authorities should consider replacing them with more targeted cash transfers to the poor and vulnerable, RER says.

According to RER, "Rebalancing the portfolio and mitigating the risks of stranded assets will require Russia to diversify its wealth portfolio away from its fossil fuel sector and towards other productive capital. However, Russia continues to depend on underground fossil fuel assets to generate a significant share of export revenues. In 2018, energy exports accounted for 65 percent of total exports (compared to 59 percent in the previous year). Other types of natural capital, such as minerals and timber products also play an important role "

The Report continues: "Furthermore, the structure of produced capital is skewed towards those are close to fossil fuels and require related skills, such as refining and heavy industry, including metals, chemicals and related equipment. This asset structure makes the Russian economy vulnerable to the structural impact of international, regional, and domestic efforts to address climate change, biodiversity, air and plastic pollution. The impact can manifest through technology and policies that reduce demand for fossil fuels and policies that can restrict market access to industrial products with high environmental footprint ".

It has noted that the country's Macro-fiscal buffers remain strong. Russia has had twin fiscal and current account surpluses (5.0 percent of GDP and 4.7 percent of GDP in the first nine months of 2019, respectively). Now at 28th place, Russia continued its advance in the latest World Bank's Doing Business ratings.

Paying taxes was made easier by reducing the tax authority review period of taxpayer applications for value added tax cash refunds and by further enhancing the 1C software used for tax and payroll preparation.

 
 
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRIsikis TII
  • DTAA
  • Circulars (I-T Act, 1922)
  • Limited Treaties
  • Other Treaties
  • TIEAs
  • Notifications
  • Circulars
  • Relevant Sections of I-T Rules,1962
  • Instructions
  • Administrative Orders
  • DRP Panel
  • I-T Act, 1961
  • MLI
  • Relevant Portion of I-T Act,1922
  • GAAR
  • OECD Conventions
  • Draft Guidelines
  • DTC Bill
  • Committee Reports
  • FATCA
  • Intl-Taxation
  • Finance Acts
  • Manual on EoI
  • UN Model
  • Miscellaneous
  • Cost Inflation IndexPaykwik
  • Union Budget
  • Information Security Guidelines
  • APA Annual Report
  • APA Rules
  • Miscellaneous
  • Relevant Sections of Act
  • Instructions
  • Circulars
  • Notifications
  • Draft Notifications
  • Forms
  • TP Rules
  • APA FAQ
  • UN Manual on TPUcuz Paykwik Satın Al
  • Safe Harbour Rules tipobet yeni giriş
  • US Transfer Pricingizmir escort
  • FEMA Act
  • Exchange Manual
  • Fema Notifications
  • Master Circulars
  • Press Notes
  • Rules
  • FDI Circulars
  • RBI Circulars
  • Reports
  • FDI Approved
  • RBI Other Notifications
  • FIPB Review Marmaris excursions
  • FEO Act buca rus escort
  • INTELLECTUAL PROPERTY
  • CBR Act
  • NBFC Report
  • Black Money Act
  • PMLA Instruction
  • PMLA Bill
  • FM Budget Speeches
  • Multimodal Transportation
  • Vienna Convention
  • EXIM Bank LoC
  • Manufacturing Policy
  • FTDR Act, 1992
  • White Paper on Black Money
  • Posting Policy
  • PMLA Cases
  • Transfer of Property Экскурси
  • MCA Circular Paykwik Satın Al
  • Limitation ActPaykwik VIP
  • Type of Visa
  • SSAs
  • EPFO
  • Acts
  • FAQs
  • Rules
  • Guidelines
  • Tourist Visa
  • Notifications
  • Arbitration
  • Model Text
  • Agreements
  • Relevant Portion of I-T Act
  • I-T Rules, 1962
  • Circulars
  • MISC
  • Notification
  • About Us
  • Contact Us
  •  
     
    A Taxindiaonline Website. Copyright © 2010-2020 | Privacy Policy | Taxindiainternational.com Pvt.Ltd. All rights reserved.