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Daily NEWS Summary | 05-06-2021

G7 countries reach landmark deal to tax large multinationals

Daily NEWS Summary | 05-06-2021; A group of the richest countries in the world struck a landmark deal on Saturday aimed at closing cross-border tax loopholes used by some of the world’s largest companies. The Group Seven (G7) said it would support a minimum global corporate tax rate of at least 15% and put in place measures to ensure that taxes are paid in countries where businesses operate.

G7 finance ministers

“After years of discussions, G7 finance ministers have reached a historic agreement to reform the global tax system to adapt to the global digital age,”

UK Finance Minister Rishi Sunak told reporters.
  • The deal, which could form the basis of a global compact next month, aims to end a decades-long “race to the bottom” in which countries have clashed to lure giant companies with exemptions and ultra-low tax rate.
  • This, in turn, has cost their public coffers hundreds of billions of dollars, a deficit they now urgently need to recover to pay the enormous cost of supporting economies ravaged by the coronavirus crisis.
  • Ministers met face-to-face in London for the first time since the start of the Covid-19 pandemic. According to a copy of the final deal seen by Reuters, G7 ministers said they would “commit to an overall minimum tax of at least 15% country by country.”
  • Ministers also agreed to move forward with companies reporting their environmental impact in a more standard way so that investors can more easily decide to finance them, a key goal for Britain.
  • Rich countries have struggled for years to agree on a way to generate more revenue from large multinationals like Google, Amazon and Facebook, which often record profits in jurisdictions where they pay little or no tax.
  • The administration of US President Joe Biden has given new impetus to the stalled talks by proposing a minimum global corporate tax rate of 15%, higher than the level of countries like Ireland but lower than the lowest level in the country. G7.

Twitter Removes Bhagwat Blue Mark, Other Official RSS Accounts; restore them after the scream

Daily NEWS Summary | 05-06-2021; Social media giant Twitter on Saturday removed the blue tick from the accounts of RSS chief Mohan Bhagwat and other high-level officials, only to restore it after outcry from Sangh supporters on social media.

  • With strong objection, Rajiv Tuli, an RSS unit official in Delhi, told PTI that this “clearly shows bias and a clear example of” technological feudalism “on Twitter’s part.” He cited several Twitter IDs that were “inactive but remain verified.”
  • The blue Tick, which is a verification badge, has been removed from five accounts belonging to senior officials of the RSS, the ideological mentor of the ruling BJP, sources told Sangh.
  • Blue tick was also removed from the personal account of Vice President Venkaiah Naidu, before being reinstated later.
  • In response to the removal of the blue mark from the Vice President’s account, Twitter said the referenced account had been inactive since July 2020. In the meantime, there have been no tweets from Bhagwat’s account.
  • Based on Twitter’s verification policy, Twitter can automatically remove the blue verification badge and verified status if the account becomes inactive or incomplete.
  • Inactivity is login-based and to keep the account active, the account holder must make sure to log in at least every 6 months, Twitter said.
  • Later that day, the verification badges of Bhagawat, Suresh Soni, Arun Kumar, Suresh Joshi and Krishna Gopal were restored.

Government sends ‘final notice’ to Twitter to comply with IT rules

Daily NEWS Summary | 05-06-2021; On June 5, the government sent a notice to Twitter giving it one last chance to comply “immediately” with the new IT rules and warned that failure to follow the rules would result in the loss of the liability waiver platform under the Data Protection Act.

  • Ministry of Electronics and Information Technology (MeitY) said that Twitter’s refusal to comply with the rules demonstrated the “lack of commitment and effort of the microblogging site to provide a safe experience for people. Indio on its platform.”

Around 100 dead in Burkina Faso in deadliest attack since 2015

Daily NEWS Summary | 05-06-2021; About 100 civilians were killed overnight in the deadliest attack in Burkina Faso since jihadist violence broke out in the country in 2015, local and security sources said on Saturday.

  • The attack occurred overnight from Friday to Saturday when “armed individuals organized a raid” in the northern city of Solhan, a security source said.
  • “The figure, which is still provisional, is around 100 dead, men and women of different ages,” said the source. The government confirmed the attack and the death toll.
  • The attackers attacked around 2 a.m. “executions,” said a local source.
  • The VDP was created in December 2019 to help ill-equipped Burkinabe soldiers fight jihadists, but has killed more than 200 people, according to an AFP tally.
  • Volunteers receive two weeks of military training and then work alongside security forces, usually performing surveillance, intelligence gathering, or escort duties.
  • “In addition to the high number of human victims, the worst recorded to date, houses and the market were burned,” said another security source, fearing that “the still temporary death toll of around 100 could rise.”
  • Authorities have declared three days of national mourning, ending Monday night at 11:59 p.m.
  • Sohlan, a small community about 15 kilometers from Sebba, the main city in Yagha province near the Mali border, has been hit by numerous attacks in recent years.
  • On May 14, Defense Minister Cheriff Sy and senior military officials traveled to Sebba to assure people that life had returned to normal after various military operations.
  • The massive attack by suspected jihadists came hours after another attack on Friday night in the town of Tadaryat in the same region, where at least 14 people were killed.
  • Since 2015, Burkina Faso has fought to fight the increasingly frequent and deadly jihadist attacks from groups such as the Group for the Support of Islam and Muslims (GSIM) and the Islamic State in the Greater Sahara (EIGS).
  • The attacks began in the north near the Malian border, but have since spread to other areas, particularly to the east. Approximately 1,300 people have died and more than a million have fled their homes.

Covid updates

Daily NEWS Summary | 05-06-2021; The number of reported coronavirus cases in India stood at 2,97,14,647 at the time of publication of this bulletin, with a death toll of 3,46,413.

  • Tamil Nadu’s Chief Minister MK Stalin extended the Covid-19 shutdown for an additional week on Saturday, June 7 at 6 a.m. June 14, but proposed regional facilities depending on the spread of the ‘infection’.
  • While Chennai and the northern and southern districts of Tamil Nadu, where Covid-19 cases have decreased, will see higher releases, 11 districts, mainly in the western and delta region, where the infection rate is highest, will have minimal releases.
  • However, shopping complexes, malls, tourist spots, movie theaters and trade shows will remain closed throughout the state.

India’s gross GST revenue fell to Rs 1.02 lakh crore in May 2021, from a record Rs 1.41 lakh crore in April, but the figure is subject to upward revision , the government announced on Saturday.

  • GST collections for May 2021, which typically relate to April transactions, are the lowest since September 2020, which recorded revenue of 95,480 crore. Economists expect collections to decline further in June.
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Daily NEWS Summary | 05-06-2021
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Daily NEWS Summary | 05-06-2021
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Daily NEWS Summary for the purpose of current affair section preparation, helpful indeed for competitive examination aspirants.
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