Tuesday , October 22, 2024 |   22:13:04 IST
INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI
About Us Contact Us Newsletters
 
NEWS FLASH
 
https://taxindiainternational.com/case_lawDesc.php?qwer43fcxzt=MTQzODc= TP - Companies which are functionally dis-similar to & have turnovers higher than that of assessee, cannot be adopted as comparables for benchmarking purposes: ITAT (See 'Breaking News') I-T- Dividend Distribution Tax is payable only by a company which declares, distributes or pays the same: HC (See 'Breaking News') TP - Where TPO's reference is quashed & assessment order is nullified, then AO cannot claim extended limitation period for passing assessment order, which was ultimately completed after statutory deadline: ITAT (See 'Breaking News') I-T - Foreign entity having valid tax residency certificate is eligible to treaty benefits on long term capital gain from sale of shares of Indian entity: ITAT (See 'Breaking News') TP - Entity deriving revenue from both software development services and sale of software products, can be selected as comparable to pure software developer: HC (See 'Breaking News') DTAA - provision of technical services does not per se suffice for consideration for services to qualify as Fees for Included Services: ITAT (See 'Breaking News') DTAA - Make available entails transmitting technical knowledge such that service recipient derives enduring benefit & utilizes such technical knowledge or skill in future without aid from service provider: ITAT (See 'Breaking News') DTAA - That provision of service may require technical input by the person providing the same, it does not per se mean that technical knowledge, skills, is made available to service recipient: ITAT (See 'Breaking News') INTL - Once clinical trial expenses incurred outside approved R&D facilities, are approved by prescribed authority, then assessee is entitled to claim deduction u/s 35(2AB): ITAT (See 'Breaking News') TP - Functional dissimilarity is sufficient for excluding comparables for purposes of benchmarking: HC (See 'Breaking News') TP - Once working capital adjustment is granted to assessee, there is no need for further imputation of interest on outstanding receivables at end of year: HC (See 'Breaking News') INTL - Final assessment order merits being quashed where it is largely a copy of draft assessment order & omits to consider directives given by DRP: ITAT (See 'Breaking News') TP - If TPO fails to answer issue of international transactions bearing in mind Explanation (i)(c) of Section 92B, no addition of arms' length interest is warranted on account of delayed receivables: HC (See 'Breaking News') I-T- For activity of assessee to be in charitable in nature, services rendered must commensurate with benefit that may arise to such poor people : ITAT (See 'Breaking News') I-T - Fees received by the foreign branch of banking company for extending credit line to account holder outside India, would not be taxable in India: HC (See 'Breaking News') TP - Once ALP principle is satisfied, no further profit is attributable even if there is PE in India: HC (See 'Breaking News') TP - Additions on account of Advertising, Marketing & Promotional expenses are unwarranted where no evidence exists to suggest arrangement between Indian assessee & its AE abroad: HC (See 'Breaking News') TP - There is no thumb rule of applicability of LIBOR plus basis points, considering that it depends upon various factors: ITAT (See 'Breaking News') DTAA - India-Ireland treaty exempts aircraft leasing activity from taxation; revenue arising therefrom not treatable as royalty; provisions of DTAA supersede those of I-T Act insofar as they are beneficial to assessee: HC (See 'Breaking News')
 
TII SEARCH
 
 
   
Home >> News Brief
 

Global economy to grow by 2.9% in 2024: OECD
By TII News Service
Jun 07, 2023 , Paris

    

THE global economy has begun to improve, but the recovery will be weak, according to the OECD’s latest Economic Outlook. The Economic Outlook projects a moderation of global GDP growth from 3.3% in 2022 to 2.7% in 2023, followed by a pick-up to 2.9% in 2024.

Lower energy prices are easing the strain on household budgets, business and consumer sentiment are recovering, albeit from low levels, and the re-opening of China has provided a boost to global activity.

Headline inflation in the OECD is projected to decline from 9.4% in 2022 to 6.6% in 2023 and 4.3% in 2024. The decline in inflation is due to tighter monetary policy taking effect, lower energy and food prices and reduced supply bottlenecks.

GDP growth in the United States is projected to be 1.6% in 2023, before slowing to 1.0% in 2024 in response to tight monetary and financial conditions. In the euro area, declining headline inflation will help to boost real incomes and contribute to a pick-up in GDP growth from 0.9% in 2023 to 1.5% in 2024. China is expected to see strong increases in GDP growth in 2023 (with 5.4%) and 2024 (with 5.1%), due to the lifting of the government’s zero-COVID policy.

"This projected recovery, while almost unchanged from our interim projections in March, maintains the slightly more optimistic outlook that had been predicted and which we are now seeing materialise," OECD Secretary-General Mathias Cormann said. "Policy makers must get inflation durably down to target and unwind broad fiscal support by better targeting fiscal measures. While continuing to respond to the immediate economic challenges, it remains important to prioritise structural reforms to boost productivity, including by promoting competition, reviving investment, increasing female workforce participation and alleviating supply constraints, while securing the green and digital transformations of our economies." 

The upturn remains fragile and risks are tilted to the downside. Uncertainty over the evolution of Russia’s war of aggression against Ukraine and its global impact remains a key concern. Some of the favourable conditions that helped to reduce energy demand this year, like a mild winter in Europe, may not be repeated next year.

The persistence of inflation is another key downside risk. Core inflation is proving sticky, on the back of strong service price increases and higher profits in some sectors. The impact of higher interest rates is increasingly being felt across the economy, and restrictive monetary policy, while necessary, risks further exposing financial vulnerabilities, in particular in countries with high debt.

Against this backdrop, the Outlook lays out a series of policy recommendations, underlining that the need to lower inflation, adjust fiscal policy and promote sustainable growth entails significant challenges for policy makers.

Monetary policy should remain restrictive until there are clear signs that underlying inflationary pressures are durably reduced. Fiscal support, which has played a vital role in helping the global economy through the pandemic and the war in Ukraine, should be scaled back, becoming more targeted and calibrated toward future needs. Broad energy-related support should be withdrawn as energy prices fall and minimum wages and welfare benefits are being increased to take account of past inflation in many countries.

"Fiscal policy should prioritise productivity-enhancing public investments, including those driving the green transition and boosting labour supply and skills," OECD Chief Economist Clare Lombardelli said. "Renewed reform efforts to reduce constraints in labour and product markets and to reignite private investment and productivity growth would improve sustainable living standards and strengthen the recovery from the current low growth outlook."

The Outlook includes a special chapter dedicated to women’s economic empowerment, setting out policy recommendations, including on expanding flexible work arrangements, addressing tax and benefit disincentives and improving access to childcare. It highlights that removing structural barriers and discrimination to realise gender equality, must be a high priority to boost long-term economic well-being and prosperity.

 
 
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 © 2010-2023 | Privacy Policy | Taxindiainternational.com Pvt. Ltd. OPC All rights reserved.