Connect with us

Business

World Bank report warns Gaza Strip economy is in ‘free fall’

Agencies

Published

on

IST


Jerusalem: The Gaza Strip’s economy is in “free fall,” a report from the World Bank warned Tuesday, calling for urgent action by Israel and the international community to avoid “immediate collapse.”
According to the report, Gaza’s economy contracted by 6 percent in the first quarter of 2018. It said unemployment is now over 50 percent — and over 70 per cent among Gaza’s youth.
The World Bank cited various factors, starting with Israel’s decade-long blockade against the territory’s militant Hamas rulers, for the precarious downturn. It also cited budget cuts by the rival Palestinian Authority and a reduction in international aid to the Palestinians, particularly from the United States.
“A combination of war, isolation, and internal rivalries has left Gaza in a crippling economic state and exacerbated the human distress,” said Marina Wes, the World Bank’s director for the region.The report was released ahead of a high level meeting of the bank’s Ad Hoc Liaison Committee, responsible for coordinating development assistance to the Palestinians, on September 27.
Wes said the increasingly dire economic situation in Gaza “has reached a critical point.” “Increased frustration is feeding into the increased tensions which have already started spilling over into unrest and set back the human development of the region’s large youth population,” she added.
Gazans have staged near weekly demonstrations along the border with Israel since late March, in part to protest the blockade enforced by Israel and Egypt since 2007, when the militant group Hamas seized the territory. Hamas has led and organised the protests, but turnout has also been driven by growing despair over blockade-linked hardship, including lengthy power cuts and soaring unemployment.
Israeli soldiers have killed at least 136 Palestinians during the weekly protests since March, including 27 minors, according to Gaza’s Health Ministry. A Palestinian sniper also fatally shot an Israeli soldier. Israel contends it’s defending its border and accuses Hamas of using the protests as a screen for attempts to breach the border fence to attack civilians and soldiers.
Human rights groups have accused Israel of excessive and unlawful use of force against unarmed protesters. In the report, the World Bank calls upon Israel to lift restrictions on trade and movement of goods and people to help improve Gaza’s economy, and urges development of “legitimate institutions to govern Gaza in a transparent and efficient manner.”


Comments

Business

Income Tax return processing time to reduce from 63 days to just 1 day

Agencies

Published

on

Mumbai:The Union Cabinet approved an integrated income-tax e-filing and centralised processing centre (CPC) portal, which will reduce the return processing time from 63 days to just one day. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers. However, one will have to wait for 18 months to see its launch.

“Earlier, taxpayers would face troubles because of delay in refund processing and the CBDT used to spend a lot of money every year as interest on pending refunds, which will be history now,” Union minister Piyush Goyal told reporters after the Cabinet meeting here.

Last month, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra had said a simplified return form and process would be put in place soon in which the department would process the self-declaration made by the taxpayer. The new Rs 4,241-crore project will incorporate these changes.

 

“This is a laudable initiative and will go a long way to ease tax compliance, and enhanced experience for taxpayers. However, the real success of this will be measured when it brings ease to a common man and is accompanied by changes in the culture of the tax authorities at the operational level,” said Neeru Ahuja, partner, Deloitte India.

Currently, the e-filing portal and the CPC work separately. While e-filing is being managed by Tata Consultancy Services (TCS), the CPC is run by Infosys.

In the bids invited by the government, Infosys emerged as the lowest bidder and it would develop the ITR-CPC 2.0 project in 18 months from now, Goyal said.

Under the new system, Infosys will handle end-to-end solution — from e-filing to return assessment to refund processing. The CBDT and Infosys would work in a revenue-sharing model, sources in the know said.

Goyal said ramping up scrutiny was not the mandate of the new portal. Currently, about 0.3 per cent of the I-T returns are scrutinised, he said. The system intends to resolve taxpayer grievances as well as tax demands from the CBDT faster and equitably, he said.

“The decision will ensure horizontal equity by processing returns filed by all categories of taxpayers across the country in a consistent, uniform, rule driven, identity blind manner. This will assure fairness in tax treatment to every taxpayer irrespective of their status,” a government release said.

But even under the new ecosystem, only those applications which are clean would have the chance of getting processed in a day, sources said.

About 23 crore I-T returns have been processed, along with Rs 2.62 trillion worth of refunds, till September 2018 cumulatively. Of this, refunds worth Rs 1.83 trillion have been processed in 2018-19, said Goyal.

Continue Reading

Business

Lenders considering resolution plan for Jet Airways: SBI

Agencies

Published

on

Mumbai: State Bank of India (SBI) on Thursday said lenders are considering a resolution plan for Jet Airways to ensure long-term viability of the debt-laden company.

The SBI statement comes a day after the crisis-hit airline said discussions were “progressing well” with stakeholders on a comprehensive resolution plan that also contemplates equity infusion and consequent changes in its board of directors.

There are rising concerns over financial health of Jet Airways, whose shares have also taken a beating at stock exchanges.

 

“We would like to state that lenders are considering a restructuring plan under the RBI framework for resolution of stressed assets that would ensure a long-term viability of the company,” SBI said in a statement.

It said the restructuring plan for the cash-strapped airline would need approval from boards of lenders.

“Any such plan would be subject to approval of boards of the lenders and subject to adherence and clearance, if required, from the RBI and/or Sebi (takeover code, ICDR regulations.) and Ministry of Civil Aviation and in compliance with all regulatory prescriptions,” the statement said.

Shares of the airline are trading 4.24 per cent lower at Rs 259.50 apiece on BSE.

Continue Reading

Business

NGT slams Volkswagen for not depositing Rs 100 crore as per its 2018 order

Agencies

Published

on

New Delhi: The National Green Tribunal (NGT) slammed German auto major Volkswagen for not depositing Rs 100 crore in accordance with its November 16, 2018 order and directed it to submit the amount within 24 hours.

A bench headed by NGT chairperson Adarsh Kumar Goel took strong exception to the non-compliance of its order by the automobile giant and asked it to give an undertaking that it will submit the amount by 5 PM Friday.

“Why have you not complied with our order when there is no stay. We will not give you any further time,” the bench, also comprising Justice S P Wangdi, said while asking Volkswagen to submit an affidavit of compliance after deposit.

 

The tribunal deferred the matter for hearing after it was informed that the Supreme Court is also seized of the issue.

On November 16 last year, the tribunal had said that the use of ”cheat device” by Volkswagen in diesel cars in India leads to inference of environmental damage and had asked the German auto major to deposit an interim amount of Rs 100 crore with the Central Pollution Control Board (CPCB).

Continue Reading

Subscribe to The Kashmir Monitor via Email

Enter your email address to subscribe to The Kashmir Monitor and receive notifications of new stories by email.

Join 979,803 other subscribers

Archives

January 2019
M T W T F S S
« Dec    
 123456
78910111213
14151617181920
21222324252627
28293031  
Advertisement