UNESCO Report Highlights Ocean Crisis

Santhosh Kumar 10/06/2024

The UNESCO State of Ocean Report 2024 highlights significant knowledge gaps in oceanic research, emphasizing the need for enhanced data collection and research to address ocean crises. Key issues include ocean warming, increased acidification, and rising sea levels. The report stresses the importance of understanding these phenomena to mitigate long-term environmental risks and improve predictive capabilities.

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A Mindmap image featuring information about the "Global Tax Evasion Report 2024" by the European Union Tax Observatory. The image provides context on tax evasion discussions, the Global Minimum Tax (GMT), and measures to combat evasion. It defines tax evasion as the illegal non-payment of taxes, with methods including income underreporting, hiding money offshore, and inflating deductions. The report highlights and recommendations are as follows: A $1 trillion profit shift to tax havens in 2022 with a recommendation for a minimum corporate tax of 25%. Billionaires' effective tax rates ranging from 0% to 0.5%, with a recommendation for a new 2% global tax on billionaires' wealth. Decrease in offshore tax evasion with a recommendation for the creation of a Global Asset Registry. Policy impact on tax evasion with a recommendation to tax long-term residents in low-tax countries. Multinationals shifting $1 trillion to tax havens, with a recommendation for unilateral tax collection measures. A trend called "Greenwashing the Global Minimum Tax" with a recommendation to strengthen economic substance and anti-abuse rules. The image also mentions Indian measures against tax evasion, including E-Invoicing, the Fugitive Economic Offenders Act, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Income Tax Act, the Prevention of Money Laundering Act, treaties like the Double Tax Avoidance Agreement (DTAA) and Tax Information Exchange Agreement (TIEA), the Benami Transactions Informants Reward Scheme, and corporate tax reductions for existing companies and new manufacturing firms. Finally, it discusses international reforms against tax evasion, including the Global Minimum Tax (GMT) proposed by the OECD with a 15% corporate minimum tax agreed upon by 136 countries, including India, and the Automatic Exchange of Information (2017) for combating offshore tax evasion.

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Categories: Global Warming & Climate Change, Indices/Reports

Tags: 10.06.2024, Newsbits

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