OECD GDP growth loses steam in Q1 - Taxindiainternational.com

INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI

NEWS FLASH

I-T - Taxpayer has right to rely on treaty provisions and question of touching brought forward capital losses does not arise in subsequent AYs once eligibility to carry these losses forward was determined in year they were suffered: ITAT (See Breaking News)

TP - Mere failure to satisfy need/purpose/benefit/rendition test alone is no basis to disallow intra group services between AEs: ITAT (See Breaking News)

Treaty-shopping: Nepal ejects Mauritius out of its cart (See TII Edit)

TP - Resale price method is most appropriate for benchmarking international transaction in its distribution segment: ITAT (See Breaking News)

TP - CIT(A) ought not to have restored matter back to AO under mistaken view that it was ex-parte order: ITAT (See Breaking News)

I-T - 'Test of imparting' is touchstone if foreign entity continues to use its own industrial and commercial experience to render services, and essence of royalty lies in alienation, not in application: ITAT (See Breaking News)

I-T - Reimbursements of expenses made on cost to cost basis, i.e. without any markup, cannot be treated as FIS, in absence of make available clause: ITAT (See Breaking News)

I-T - No attribution of profit can be made to PE when there is no existence of PE at all: ITAT (See Breaking News)

I-T - Payments made for providing standard facility for data processing without any human intervention, is not taxable in India as FTS in terms of Sec 9(1)(vii): ITAT (See Breaking News)

I-T - Receipts from distribution activity is not royalty in absence of dependent agent PE: ITAT (See Breaking News)

TP - If there was no value addition, and assessee only sought reimbursement of expenses on cost to cost basis, no ALP adjustment is permitted on account of same: ITAT (See Breaking News)

DTAA - Concepts like virtual PE or Significant Economic Presence, while reflecting evolving international taxation trends, cannot be judicially read into a DTAA, absent express amendment: HC (See Breaking News)

DTAA - OECD materials and practices of other jurisdictions are not relevant against clear language in relevant DTAA: HC (See Breaking News)

I-T - Mismatches in limbs of provisions of section 271(1)(c) renders levy of penalty invalid: ITAT (See Breaking News)

TII SEARCH

Home >> News Brief


OECD GDP growth loses steam in Q1 By TII News Service May 23, 2022 , Paris
IN the first quarter of 2022, gross domestic product (GDP) in the OECD rose by just 0.1% quarter-on-quarter according to provisional estimates, a sharp slowdown compared with the 1.2% increase in the fourth quarter of 2021. In the G7, quarter-on-quarter GDP growth turned negative in Q1 2022, falling by 0.1% compared with an increase of 1.2% in Q4 2021. The G7 result in the first quarter of 2022 reflects negative GDP growth in the United States (minus 0.4%), Italy (minus 0.2%) and Japan (minus 0.2%), as well as zero growth in France and weaker positive growth in the United Kingdom (0.8%) and Canada (1.4%) than in the previous quarter.Germany was the only G7 country where the pace of growth increased, with GDP growth of 0.2% in the first quarter of 2022 compared with a contraction of 0.3% in the previous quarter. Four G7 countries have already published preliminary detailed estimates, allowing for an analysis of the factors that weighed on GDP growth in the first quarter of 2022. Changes in net trade (exports minus imports), partly due to supply chain disruptions, were the main factor behind the slower or negative GDP growth recorded in the United Kingdom,the United States and Japan. In France, changes in net trade and stockbuilding provided a positive contribution but domestic demand dragged down GDP growth, reflecting a contraction of private consumption. By contrast, domestic demand rose in the United Kingdom and UnitedStates. Stockbuilding made a positive contribution to GDP growth in the United Kingdom, but destocking reduced growth in the United States. Among other OECD countries for which data are available for the first quarter of 2022, Portugal and Austria recorded the highest increases in GDP compared with the previous quarter (2.6% and 2.5% respectively), followed by Hungary and Latvia (2.1% in both countries). Decreases were recorded in Norway (minus 1.0%), Chile (minus 0.8%), Costa Rica (minus 0.5%), Israel and Sweden (minus 0.4% in both countries) and Denmark (minus 0.1%). The United Kingdom exceeded its pre-pandemic (Q4 2019) level of GDP for the first time in Q1 2022, by 0.7%. In the United States, France and Canada, GDP remained higher than before the pandemic; these countries exceeded their Q4 2019 GDP levels for the first time in the second, third and fourth quarters of 2021 respectively. However, in Germany, Italy and Japan,GDP was still below pre-pandemic levels (by 1.0%, 0.4% and 0.7% respectively) in Q1 2022.

INTL TAXATION	INTL MISC	TP	FDI	LIBRARY	VISA	BIPA	NRI	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 MAP	OECD Conventions Draft Guidelines DTC Bill Committee Reports FATCA Intl-Taxation Finance Acts Manual on EoI UN Model Taxation Miscellaneous Cost Inflation Index 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 TP Safe Harbour Rules US Transfer Pricing	FEMA Act Exchange Manual Fema Notifications Master Circulars Press Notes Rules FDI Circulars RBI Circulars Reports FDI Approved RBI Other Notifications FIPB Review FEO Act	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 MCA Circular Limitation Act	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 © 2010-2025 \| Privacy Policy \| Taxindiainternational.com Pvt. Ltd. OPC All rights reserved.

TIOL GROUP WEBSITES