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No consensus on digital tax directive targeting tech giants
Brussels, Dec 4 (IANS) European Union finance ministers were unable to reach an agreement on digital services tax reforms that would target the revenues raised by tech giants like Google and Facebook after various member states opposed the proposed directive.
The European Commission had submitted a proposal to impose a 3 per cent digital services tax on any registered profits for tech businesses with annual worldwide revenues that exceed 750 million euros ($855 million) or annual revenues within the EU that surpass 50 million euros, Efe news reported.
“The new rules will also change how profits are allocated to member states in a way which better reflects how companies can create value online: For example, depending on where the user is based at the time of consumption,” the EC explained on its website.
“Ultimately, the new system secures a real link between where digital profits are made and where they are taxed.”
However, after it became evident the directive would not get the necessary unanimous backing, with Sweden and Ireland flatly rejecting it, France and Germany adjusted the proposal late Monday to reduce the scope of the new levy in a bid to get the directive passed.
The significantly altered proposal would only apply a 3 per cent tax to sales of digital advertising space and excludes revenues raised through trading of user data and profits of any other sales.
Franco-German lawmakers urged an implementation of the diluted directive “without delay and in any case before March 2019”, which in practice would come into effect by January 2021 if the Organization for Economic Co-operation and Development does not implement a global solution for the failures and loopholes the fiscal system presents when it comes to the taxation of digital services.
Civic action group Avaaz decried the outcome of Tuesday’s EC meeting.
“Today, Europe had a golden opportunity to end the injustice of tech billionaires avoiding their taxes while everyone else pays. But despite massive public pressure, ministers simply kicked the can down the road. They now have one last chance to get it done before EU elections,” it tweeted.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.