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G20 endorses India’s concerns on black money
Brisbane: Endorsing India’s concerns about black money and tax avoidance, G20 leaders Sunday promised to modernise international tax rules.
In a joint communique issued at the conclusion of the summit, the leaders said: “We welcome the significant progress on the G20/OECD (Organisation of Economic Cooperation and Development) Base Erosion and Profit Shifting (BEPS) Action Plan to modernise international tax rules. We are committed to finalising this work in 2015, including transparency of taxpayer-specific rulings found to constitute harmful tax practices.”
The communique stated that to prevent cross-border tax evasion, “we endorse the global Common Reporting Standard for the automatic exchange of tax information (AEOI) on a reciprocal basis”.
“We will begin to exchange information automatically with each other and with other countries by 2017 or end-2018, s
ubject to completing necessary legislative procedures,” it stated.
Earlier Sunday, Indian Prime Minister Narendra Modi made a strong pitch at the G20 summit for repatriation of black money by stressing on the need for close coordination to address the challenge of black money, and linked it to security issues such as terrorism, a major global concern.
Addressing a G20 session titled “Delivering Global Economic Resilience”, the prime minister voiced support for a new global automatic exchange of information, saying it would be instrumental in getting information of the unaccounted money stashed abroad and help bring it back.
Making an intervention on issues of tax evasion on the second and final day at the G20 Summit, the prime minister “reiterated his call for close policy coordination among major economies, saying this is important not just for addressing the challenge of black money, but also for security issues like terrorism, drug trafficking, arms smuggling etc.”, according to an official statement.
Following the issuance of the communique, the Prime Minister’s Office tweeted: “India’s concerns on Black Money & Tax Avoidance have found an echo & have been taken on board the final G-20 communique.”
It also tweeted about the communique’s reference to the BEPS action plan and transparency in taxpayer specific rulings constituting harmful tax practices.
“India scores at G-20,” , spokesperson of the ministry of external affairs, tweeted. “PM @narendramodi strong intervention gets backing for inclusion in tax matters in final communique.”
The State Scores Extra High on Gaming-Friendly Industry Index
Meghalaya scored 92.85 out of 100 possible points in a Gaming Industry Index and proved to be India’s most gaming-friendly state following its recent profound legislation changes over the field allowing land-based and online gaming, including games of chance, under a licensing regime.
The index by the UK India Business Council (UKIBC) uses a scale of 0 to 100 to measure the level of legalisation on gambling and betting achieved by a state based on the scores over a set of seven different games – lottery, horse racing, betting on sports, poker, rummy, casino and fantasy sports
Starting from February last year, Meghalaya became the third state in India’s northeast to legalise gambling and betting after Sikkim and Nagaland. After consultations with the UKIBC, the state proceeded with the adoption of the Meghalaya Regulation of Gaming Act, 2021 and the nullification of the Meghalaya Prevention of Gambling Act, 1970. Subsequently in December, the Meghalaya Regulation of Gaming Rules, 2021 were notified and came into force.
All for the Tourists
The move to legalise and license various forms of offline and online betting and gambling in Meghalaya is aimed at boosting tourism and creating jobs, and altogether raising taxation revenues for the northeastern state. At the same time, the opportunities to bet and gamble legally will be reserved only for tourists and visitors.
“We came out with a Gaming Act and subsequently framed the Regulation of Gaming Rules, 2021. The government will accordingly issue licenses to operate games of skill and chance, both online and offline,” said James P. K. Sangma, Meghalaya State Law and Taxation Minister speaking in the capital city of Shillong. “But the legalized gambling and gaming will only be for tourists and not residents of Meghalaya,” he continued.
To be allowed to play, tourists and people visiting the state for work or business purposes will have to prove their non-resident status by presenting appropriate documents, in a process similar to a bank KYC (Know Your Customer) procedure.
Meghalaya Reaches Out to a Vast Market
With 140 millions of people in India estimated to bet regularly on sports, and a total of 370 million desi bettors around prominent sporting events, as per data from one of the latest reports by Esse N Videri, Meghalaya is set to reach out and take a piece of a vast market.
Estimates on the financial value of India’s sports betting market, combined across all types of offline channels and online sports and cricket predictions and betting platforms, speak about amounts between $130 and $150 billion (roughly between ₹9.7 and ₹11.5 lakh crore).
Andhra Pradesh, Telangana and Delhi are shown to deliver the highest number of bettors and Meghalaya can count on substantial tourists flow from their betting circles. The sports betting communities of Karnataka, Maharashtra, Uttar Pradesh and Haryana are also not to be underestimated.
Among the sports, cricket is most popular, registering 68 percent of the total bet count analyzed by Esse N Videri. Football takes second position with 11 percent of the bets, followed by betting on FIFA at 7 percent and on eCricket at 5 percent. The last position in the Top 5 of popular sports for betting in India is taken by tennis with 3 percent of the bet count.
Local Citizens will Still have Their Teer Betting
Meghalaya residents will still be permitted to participate in teer betting over arrow-shooting results. Teer is a traditional method of gambling, somewhat similar to a lottery draw, and held under the rules of the Meghalaya Regulation of the Game of Arrow Shooting and the Sale of Teer Tickets Act, 2018.
Teer includes bettors wagering on the number of arrows that reach the target which is placed about 50 meters away from a team of 20 archers positioned in a semicircle.
The archers shoot volleys of arrows at the target for ten minutes, and players place their bets choosing a number between 0 and 99 trying to guess the last two digits of the number of arrows that successfully pierce the target.
If, for example, the number of hits is 256, anyone who has bet on 56 wins an amount eight times bigger than their wager.
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