KARNATAKA

Karnataka: Industry-friendly uniform taxation system on anvil

Responding to the long-pending demand of industrialists, the government announced a uniform tax collection system for industries.
The new system, which will be transparent and industry friendly, will be rolled out after obtaining cabinet nod.

At present, different local bodies have adopted different methods of tax assessment though specific guidelines have been laid down by the state government. Ambiguities in capital value-based tax calculations are also hurting industries.

The new system will also address the issue of urban local bodies collecting taxes from industries even before industrial estates are developed by Karnataka State Small Industries Development Corporation and Karnataka Industrial Area Development Board.

INTERNATIONAL

Switzerland is to partner for 2020 BioAsia

Switzerland is to serve as a partner for BioAsia 2020 has scheduled to be held between 17-19 February 2019 in Hyderabad, Telangana.

The theme of the BioAsia 2020 is Today For Tomorrow. The focus of BioAsia is centred around innovation in the past years. The countries aimed to bring the life sciences together and drive significant developments in the life sciences industry globally.

World Energy Conservation Day is observed on 14 December

World Energy Conservation Day is observed on 14 December. The day aims to highlight the importance of energy consumption. This Day creates a sense of urgency on the issues involved.

The day aims to create awareness about the use, scarcity and the impact of energy conservation on the sustainability of global eco-systems. The day focuses on concentrating on significant issues that will be faced by mankind with respect to energy.

Saudi Aramco becomes most valuable listed company in history

Saudi Aramco has secured its position as the most valuable listed company in history after investor appetite for the world’s biggest fossil fuel producer pushed its market value to $1.9tn (£1.4tn) on its first day of trade.

Shares in the Saudi state-backed oil company defied Aramco’s critics by climbing nearly $200bn above the $1.7tn valuation set before its market debut on Riyadh’s stock exchange.

The world’s biggest contributor to the climate crisis had been valued at more than Apple and Facebook – previously the world’s most valuable and fifth-most valuable companies respectively – combined.

It is also twice the size of Amazon and Google’s parent company, and bigger than the next five listed oil companies put together.

NATIONAL

India and Maldives exchange agreements for cooperation between the countries

India and Maldives exchanged Memorandum of Understanding (MoUs) on 13 December 2019. It was exchanged during the Maldivian FM’s visit to India.

India and Maldives signed three agreements and MoUs including an Exchange of Instrument of Ratification for the Treaty on Mutual Legal Assistance in Criminal Matters.

The MoUs included cooperation between the Election Commissions of India and the Maldives.

Government invoked DPCO, 2013 for the first time

The Government invoked Drug Price Control Order, 2013 on 13 December 2019 for the first-time. It aimed to increase the prices of 21 medicines to ensure their availability.

The pharma industry persuaded this for almost 2 years. The industry faced a steep rise in prices of active pharmaceutical ingredients (APIs) or bulk drugs largely imported from China.

The prices of API have gone up in the range of 5.88% depending on the products.

API prices constitute 40-80% of the formulation cost. For some medicines like paracetamol, the API cost is around 80% of the finished product. Paragraph 19 of the Drug Price Control Order (DPCO).

Centre to deploy drones to destroy marijuana

The Centre has decided to deploy drones with an aim to destroy marijuana plantations before the crop is harvested and finds its way into the hands of the drug cartels. The move by the government was adopted from the US in dealing with marijuana plantations.

The decision was taken by the Ministry of Home Affairs with states and Narcotics Control Bureau (NCB) on board to investigate illegal operations.

The operation will be carried out by the farmers in some states, along with other crops to conceal the prohibited activities.

Govt. mandates FASTag from 15 December

The Ministry of Road Transport and Highways had announced that FASTags will become mandatory for all vehicles, private and commercial from 15 December. Earlier the deadline was set to 1 December 2019.

If the vehicle owners do not have a FASTag, they should pay twice the regular amount if you pass a toll booth and your vehicle.

The government has made it mandatory for all vehicle owners to adopt electronic toll payment using FASTags and not cash payment which will attract penalties. FASTags can be bought through e-tailers, banks, payment apps, fuel bunks, and toll plazas.

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