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India set to pitch for global framework to tax digital companies The panel under BEPS - Taskforce on Digital Taxation - is expected to come up with a final report by 2020 After global recognition to its equalisation levy on online advertisements from Facebook, Google or Netflix imposed two years ago, India is set to pitch for an international tax measure to tax these companies that earn revenues from a large user base in the country. The framework, technically called the multilateral instrument to implement tax-related measures (MLI) to prevent base erosion and profit shifting (BEPS), will avoid the need to amend individual bilateral treaties. In an interim report - Tax challenges Arising from Digitalisation - released last week, the Organisation for Economic Co-operation and Development (OECD) suggested the use of interim measures like equalisation levy by countries to tax these companies till a long-term multilateral solution is reached. There was, however, no consensus on

 Rupee slips 3 paise to 4-month low of 65.20 ahead of key US Fed meet Foreign investors, however, put in Rs 3.44 billion on net basis in the domestic stock markets The rupee slipped by 3 paise to finish at a four-month low of 65.20 against the US currency on Tuesday on some dollar buying by importers and banks ahead of the US Federal Reserve's key policy meet. The home currency opened at 65.2150 and touched a low of 65.2450, before ending at 65.20, down 0.05 per cent from Monday's close of 65.17. Meanwhile, the 30-share BSE Sensex rebounded by 73.64 points or 0.22 per cent at 32,996.76. The greenback's gains against major global currencies ahead of the US Federal Reserve's key policy meet that kicks off later in the day, in which it is expected to hike interest rates, weighed on the domestic unit, dealers said. The rupee started on a negative note at the Interbank Foreign Exchange (forex) market and remained under pressure for the better part of the session on

Government extends facility of fixed term employment for all sectors  The government has extended the facility of hiring workers on fixed term employment to all sectors for improving the ease of doing business for players intending to hire people for completing specified projects, tasks or orders. This facility was available only for the apparel manufacturing sector as per the Industrial Establishment (Standing Order) 1946. As per a notification issued by the labour ministry to amend the Order, words "fixed term employment in apparel manufacturing sector" will be replaced by "fixed term employment" meaning that facility would be available for all sectors. In his Budget speech earlier last month, Finance Ministry Arun Jaitley had said, "the facility of fixed term employment will be extended to all sectors". The fixed term employment was introduced in apparel manufacturing sector in Industrial Employment (Standing Order ) Act in October, 2016. The con

Sebi liberalises spread margin benefit in commodity futures contracts Currently, margin benefit of 75 per cent in initial margins is given in spread trading The Securities and Exchange Board of India (Sebi) has liberalised spread margin benefit in commodity futures contracts.So far, only calendar spreads or spreads consisting of two contract variants have the same underlying commodity.Sebi has now allowed spread contracts across futures contracts in a commodity complex or inter-commodity spreads, with margin benefits from July. Currently, margin benefit of 75 per cent in initial margins is given in spread trading.From July, the benefit in initial margins for such spreads will be permitted when each individual contract in the spread is from the first three expiring contracts.Normally calendar spread takes place in near-month and far-month contracts.Usually, carry traders and financiers trade in spread contracts. The difference in prices of two contracts gives them returns when