NEWS

Transfer Pricing Documentation and CbC Reporting

Transfer Pricing Documentation and CbC Reporting

The Government of India issues clarification regarding requirement for furnishing of Country-by Country Report under Section 286(4) of Income Tax Act, 1961.

 

In keeping with India’s commitment to implement the Recommendations of the 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, Section 286 of the Income-tax Act, 1961 (‘the Act’) was inserted vide Finance Act, 2016, which provides for furnishing of a Country-by-Country (CbC) Report in respect of an International Group.

 


KP kick off a common agenda

KP kick off a common agenda

Recently,  the Kimberley Process (KP) Chair, Hilde Hardeman, organised a coordination meeting with the Chairs of the KP Working Bodies, in New York. The meeting was organised back-to-back to the debate and adoption of the annual United Nations General Assembly Resolution on Conflict Diamonds and a high-level side-event on the "Kimberley Process, Sustaining Peace and the 2030 Agenda for Sustainable Development" co-hosted by Australia and Botswana.

 


 

A 10.92 ct diamond sold at US$3,800p/ct

A 10.92 ct diamond sold at US$3,800p/ct

Tango Mining diamond announced sales results from the alluvial Oena Diamond Mine, Republic of South Africa. During the period from 18 January to 14 February 2018, a total of 107.11 carats (76 diamonds) were produced, placed on tender in Kimberley and sold with an exceptional average price of US$1,329 per carat.

 

The top three highest value diamonds recovered during this period include: a 10.92 carat diamond which sold at US$3,800 per carat, a 2.23 carat diamond which sold at US$3,650 per carat and a 5.45 carat diamond which sold at US$2,731 per carat.

 


 

Lingman Lake a reserve of 234,684 oz of gold

Lingman Lake a reserve of 234,684 oz of gold

Signature Resources announces that to date, over 80%  of its Lingman lake property has been covered by the airborne survey. The airborne survey conducted by Teraquest Ltd. is comprised of the acquisition of data using high resolution magnetics and digital matrix VLF EM. It will be flown over the majority of Signature’s 9,896.8 hectare property.

 

“We are thrilled that finally the weather has changed, and that the flight crews have been able to take advantage of the opportunities to fly. We anticipate, weather permitting, to achieve completion of the survey by end of week. We are very excited by this survey and its implications to discovering new mineralized systems within the Lingman lake greenstone belt.

 


Swarovski’s branding partners Rocks

Swarovski’s branding partners Rocks

Set the new trend at the 14th GJIIE, Chennai

Swarovski Zirconia collections by Nine Swarovski’s branding partners

grab the spotlight of the entire Chennai Show!

The 14th edition of Gem & Jewellery India International Exhibition (GJIIE) organized by Madras Jewellers Diamond Merchants Association (MJDMA) and UBM India, at the Chennai Trade Centre.

Chief Guest Mrs. Suhasini Maniratnam, Mr. Jayantilal Chalani, President, MJDMA; Mr. Yogesh Mudras, Managing Director, UBM India; Mr. S. Santhakumar Hon. Secretary MJDMA; Mr. Abhjit Mukherjee, Group Director, UBM India inaugurated the show amidst a grand industry gathering in the presence of other Industry dignitaries Mr. Anantha Padmanabhan, Vice Chairman -GJC, Mr. K. Srinivasan, M.D -Emerald Jewel industry, Mr. Rajendra Jain, M.D -Swarovski Gemstones, Mr. Mahendra Tayal -President HJMA & South India Chairman GJEPC, Mr. Shantilal Patel -President GJTCI and others.


RW unveils a new music collaboration

RW unveils a new music collaboration

Luxury Swiss watchmaker, Raymond Weil (RW) is proud to unveil a new music collaboration as part of its Music Icons Series. The Marshall Amplification Limited Edition timepiece part of the tango collection pays tribute to the iconic amplifier and speaker cabinet, renowned for being used by the most iconic musicians of all time. This exclusive watch pays homage to the distinctive style and appeal of Marshall, playing on generous volumes to delightful effect.

Raymond Weil is delighted to unveil its newest music collaboration which pays tribute to the legendary British manufacturer – Marshall Amplification. The unique timepiece incorporates subtle design cues, influenced by Marshall’s iconic product design and intricate detailing.

 


Post GST registers a growth!

Post GST registers a growth!

Industrial activity and sales increased

 

Introduction of GST was a historical step for transforming India into a common national market with a simplified tax regime. GST was implemented w.e.f 1st July, 2017 and was welcomed by industry and corporates. Corporate sector as represented by industry associations such as CII, FICCI, and ASSOCHAM has reacted positively to introduction of GST in India.

 

The total number of companies registered during the period July, 2017 to February, 2018 (post GST) is 68,299. The number of companies registered in the corresponding period of the previous year i.e. from July, 2016 to February, 2017 was 63,106. Thus, the increasing trend in the number of companies’ registrations has been maintained post GST.

 


Zimbabwe focuses platinum and diamond stake

Zimbabwe focuses platinum and diamond stake

According to Zimbabwe Consolidated Diamond Company (ZCDC), Zimbabwe has made amendments to the country’s Indigenization and Economic Empowerment Act in order to to hold majority shares in state-owned diamond and platinum mines.

 

According to the report, “existing diamond mining ventures do not need to immediately comply with the law as they can negotiate a timeline of compliance with the authorities”.

 


 

GJEPC in a historic move!

GJEPC in a historic move!

Signs a cooperation agreement with UBM

 

In a historic move, the Gem & Jewellery Export Promotion Council (GJEPC) has signed a cooperation agreement with UBM Asia Ltd, for organizing the India pavilion at UBM’s Hong Kong Jewellery & Gem Fair held during June and September 2018. Both shows are the leading and the most sought after ones in the gem and jewellery world. GJEPC is the apex body of the gem & jewellery industry in India, representing more than 6500 member exporters.

1:            June Hong Kong Jewellery & Gem Fair (6JG) to be held during 21 – 24 June 2018 at Hong Kong Convention & Exhibition Centre

 

2:            September Hong Kong Jewellery & Gem Fair  (9JG) is scheduled during 12 – 16 September 2018 at AsiaWorld Expo & during 14 – 18 September 2018 at, Hong Kong Convention & Exhibition Centre.

 


Alrosa Alliance Guidelines, a new version!

Alrosa Alliance Guidelines, a new version!

Moscow, March 16, 2018 – Alrosa has approved the updated version of Alrosa Alliance Guidelines on Responsible Business Practices developed to enhance confidence between the Company and its clients – Alrosa Alliance members as part of development of corporate work standards and compliance with the best practices in the diamond industry.

 

The approved amendments and updates in the text of the document make clear some provisions without changing the voluntary nature of implementation of the Principles.

 


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