1.Dearness Allowance of central government is calculated on the basis of All India:
a) Consumer Price Index (Combined)
b) Consumer Price Index (Urban)
c) Consumer Price Index (Industrial Workers)
d) Consumer Price Index (Urban Non-Manual Employees)
2.Which of the following Ministerial conferences of WTO is/are correctly matched with their host city:
1.2015 – Nairobi
2.2017 – Bali
3.2020 – Nur-Sultan, Kazakhstan
a) 1 only
b) 2 only
c) 1 & 3 only
d) All of the above
3. Recently in news because of GI Tag, Tirur betel leaves, belong to:
a) Tamil Nadu
d) Andhra Pradesh
4. Which of the following is correct in context of Global Competitiveness Report:
1.Each indicator, or “pillar” uses a scale from 0 to 100, to show how close an economy is to the ideal state or “frontier” of competitiveness in that area.
2.The index maps the competitiveness landscape of 141 economies through 103 indicators organized into 12 themes.
a) 1 only
b) 2 only
5.India had introduced the concept of ‘Significant Economic Presence’ (SEP) in its tax laws. It corresponds to:
a) Taxing oil companies
b) Taxing online companies
c) Taxing infrastructure developers
d) Taxing start-ups
The 7th Pay Commission had recommended not to change the formula for DA calculation.
The DA is calculated on the basis of All India Consumer Price Index (Industrial Workers).
The 7th Pay Commission noted,
“The VI CPC had recommended that the National Statistical Commission may be asked to explore the possibility of a specific survey covering government employees exclusively, so as to construct a consumption basked representative of government employees and formulate a separate index. This has, however, not been done”.
The topmost decision-making body of the WTO is the Ministerial Conference, which usually meets every two years.
- Nur-Sultan, Kazakhstan, 8-11 June 2020
- Buenos Aires, 10-13 December 2017
- Nairobi, 15-19 December 2015
- Bali, 3-6 December 2013
- Geneva, 15-17 December 2011
- Geneva, 30 November – 2 December 2009
- Hong Kong, 13-18 December 2005
- Cancún, 10-14 September 2003
- Doha, 9-13 November 2001
- Seattle, November 30 – December 3, 1999
- Geneva, 18-20 May 1998
- Singapore, 9-13 December 1996
Recently, Geographical Indication status has been received for Tirur Vettila, the unique betel leaf variety from Malappuram district of Kerala.
The scientists at the Kerala Agriculture University pointed out that Tirur betel leaves have significantly high content of total chlorophyll and protein and more pungency.
Eugenol is the major essential oil contributing to its pungency. The shelf life of this betel leaf is also more compared with similar varieties.
The index maps the competitiveness landscape of 141 economies through 103 indicators organized into 12 themes.
Each indicator, using a scale from 0 to 100, shows how close an economy is to the ideal state or “frontier” of competitiveness.
The pillars, which cover broad socio-economic elements are:
– ICT adoption
– Macroeconomic stability
– Product market
– Labour market
– The financial system
– Market size
– Business dynamism and
– Innovation capability
Multinational enterprises (MNEs) such as Google, Facebook, Amazon and Netflix, which have a huge consumer base in several countries but no physical presence.
In a digital economy, companies can increasingly do business with customers in a country without having a physical presence — this required creation of globally accepted international taxation norms.
Currently, a ‘source’ country (from which revenue is derived) can tax an MNE only once a nexus is established through a physical presence in the country (referred to as a permanent establishment, or a PE). Thereafter, only the profits attributed to the PE can be taxed.
Under new tax laws, ‘some’ profits and corresponding taxing rights will be re-allocated to countries where the consumers (markets) are based.
OECD recently proposed rules to determine where tax should be paid (nexus rules) and on what portion of profits they should be taxed (profit-allocation rules).
India had introduced the concept of ‘Significant Economic Presence’ (SEP) in tax laws via the 2018 Budget.