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Recently, EU members have agreed to implement a minimum tax rate of 15% on big businesses in accordance with Pillar 2 of the global tax agreement framed by the Organisation for Economic Cooperation and Development (OECD) in 2021. In 2021, 136 countries including India had agreed on a plan to redistribute tax rights across jurisdictions and enforce a minimum tax rate of 15% on large multinational corporations. What is Global Minimum Tax? A Global Minimum Tax (GMT) applies a standard minimum tax rate to a defined corporate income base worldwide. The OECD developed a proposal featuring a corporate minimum tax of 15% on foreign profits of large multinationals, which would give countries new annual tax revenues of USD 150 billion. The framework of GMT aims to discourage nations from tax competition through lower tax rates that result in corporate profit shifting and tax base erosion. What are the Key Points of the Plan? Two Pillar Plan: Pillar 1: 25% of profits of the  largest and most prof

10 Sep, 2023 11:07 Foreign firms flock to Russian offshore havens – media The country’s special administrative regions offer firms protection from the sanctions war between Moscow and the West A growing number of foreign companies and Russian firms registered overseas are moving their operations to special administrative regions (SARs) in Russia, Izvestia news outlet reported on Tuesday, citing data provided by the Ministry of Economic Development. According to the report, a total of 87 companies moved to SARs on the Russky and Oktyabrsky islands in the first half of 2023 – up from 34 companies in the same period last year and more than during the whole of 2022. Some 62 international companies are now registered in the Russky Island SAR alone, with total assets of about 5 trillion rubles ($51 billion). During the first eight months of the year, some 45 companies finalized their redomiciling procedures – a process by which a Russian company previously registered abroad moves its offices

Israel clears nuclear deal with Saudi Arabia Riyadh wants a civilian atomic program but would also consider a military path, should Iran choose to take that route, the newspaper reports Israel has agreed to the idea of the US building a uranium enrichment facility in Saudi Arabia as part of a deal that would see Riyadh establish diplomatic ties with West Jerusalem, according to the Wall Street Journal. The newspaper reported that Israeli Prime Minister Benjamin Netanyahu has instructed senior nuclear and security officials to cooperate with Washington on the issue. Progress came after Netanyahu met US President Joe Biden on the sidelines of the UN General Assembly session on Wednesday, the WSJ said on Thursday, citing Israeli and American sources. Israel is widely believed to be the sole nation with a nuclear capability in the Middle East, but has never confirmed its status as such. According to officials cited by the WSJ, the country would accept Riyadh hosting a US-controlled uranium

 Online Courses (English) What is Genetically Modified Organism (GMO)? About: A genetically modified organism (GMO) refers to an entity, whether it's an animal, plant, or microorganism, that has undergone modifications to its DNA using genetic engineering methods. Across generations, specific traits have been cultivated in crops like corn, animals like cattle, and even domestic companions like dogs through selective breeding. Yet, in recent decades, the progress of biotechnology has enabled researchers to directly manipulate the genetic makeup of microorganisms, plants, and animals. Genetic Modification: It involves altering the DNA of an organism to introduce specific traits or characteristics. There are several techniques used in genetic modification, each with its own advantages and applications. What is the Genetic Engineering Appraisal Committee (GEAC)? The Genetic Engineering Appraisal Committee (GEAC) functions in the Ministry of Environment, Forest and Climate Change (MoEF&

Unity, the cross-platform game engine that powers games like Rust, Hollow Knight, and Pokémon Go, has introduced a new, controversial fee for developers, set to take effect next year. Indie developers quickly responded to the announcement, with many suggesting the costs of this policy would kill smaller games, while confusion spread as devs wondered how it would affect their bottom line. Unity’s attempts to provide clarity have only fueled devs’ frustration and spawned more questions from those with both currently active and in-development games using the engine. The new Runtime Fee, announced in a September 12 Unity blog, is based on the number of installations a game built with the Unity engine receives, as well as the revenue it generates. Though it won’t start until January 1, 2024, the Runtime Fee will apply to any game that has reached both a previously established annual revenue threshold and a lifetime install count. Games developed with the lower-cost Unity Personal and Unity

  If more well-rounded numbers are taken into account, the country’s growth rate for the first quarter of 2023-’24 would come to 4.5% instead of 7.8%, he said. The National Statistical Office is “covering up the reality” by considering selective data to calculate India’s growth numbers, Princeton economist Ashoka Mody claimed on Wednesday. If more well-rounded numbers are taken into account, the country’s Gross Domestic Product growth rate for the first quarter (April-June) of the financial year 2023-’24 would come to 4.5% instead of the 7.8% announced by the government, Mody wrote in an article for Project Syndicate. On Friday, India’s Chief Economic Adviser V Anantha Nageswaran rejected his claims, saying that the government has been consistent in its method for calculating the growth numbers. “Some commentators remain adamant that they would not let evidence interfere with prior positions,” Nageswaran said in an op-ed article that was co-authored by Senior Economic Advisor Rajiv Mis

Failure to adapt to geopolitical changes and a lack of investment have sent the nation into decline, the newspaper report. Germany’s decades of prosperity, which propelled it to become one of the world’s biggest economies, are coming to an end, Spanish daily El Pais claimed earlier this week, citing analysts.  According to figures released by the International Monetary Fund in July, Germany is forecast to be the only major economy not to grow this year, with its GDP expected to decline by 0.3%. The German model hinges on cost competitiveness, technological leadership in industry, and geopolitical stability, and “all of them are gone,” according to journalist Wolfgang Munchau, as cited by the newspaper.  “What has now emerged is an energy price crisis, new geopolitical divisions and technological shocks that pose existential questions about the future of the model,” Munchau said, adding that the world around Germany has completely changed.  Since the early 2000s the country has enjoyed

  ISRO's Chandrayaan 3, on August 23, successfully landed on the moon's South Pole. Today we will make you meet the team behind this successful mission and also tell you about the salary and perks they enjoy.  S  Somanath, Secretary, of the Department of Space and Chairperson, was the leading man behind the success of Chandrayaan 3 along with P Veeramuthuvel, the Project Director of Chandrayaan 3, and Kalpana Kalahasti who was the deputy project director for Chandrayaan-3 mission.  As per reports, at ISRO, engineers get salaries ranging from Rs 37,400 to Rs 67,000. Senior scientists get a salary from Rs 75,000 to Rs 80,000, while ISRO's distinguished scientists get a salary of Rs 2 lakh per month.  On the other hand, outstanding scientists get Rs 1,82,000 and Engineer H gets Rs 1,44,000.Scientist/Engineer-SG gets Rs 1,31,000 and Scientist/Engineer-SF gets Rs 1,18,000.  Scientists at ISRO who are behind Chandrayaan 3's success have also studied at respectable institution