Ireland decides to join OECD int’l tax agreement

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Dublin, Oct 8 | The Irish government has agreed to join an international agreement to reform the global tax rules to address the challenges arising from the digitalisation of the global economy, according to a statement released by the Irish Department of Finance.

“The Government has given approval today for Ireland to sign up to the political agreement at the OECD (Organisation for Economic Co-operation and Development) Inclusive Framework on a new tax framework to address the tax challenges of digitalization,” said Finance Minister Paschal Donohoe in the statement on Thursday.

According to the statement, there are two pillars to the OECD agreement.

Pillar One will see a reallocation of a proportion of profits to the jurisdiction of the consumer, and Pillar Two will see the adoption of a new global minimum effective tax rate applying to multinationals with global revenues in excess of 750 million euros (about $866 million), Xinhua news agency reported.

“The agreement to be discussed at the OECD’s Inclusive Framework tomorrow has been updated to provide additional clarity, which prevented Ireland joining the consensus in July,” said the statement, adding that the proposed minimum effective tax rate of “at least 15 per cent” in the previous version of the agreement has been set to a precise rate of 15 per cent.

In the previous negotiations, Ireland refused to sign up to the agreement due to concerns that the wording of at least 15 per cent could mean a further rise in tax rate in the future, according to local media reports.

“We have secured the removal of ‘at least’ in the text. This will provide the critical certainty for Government and industry and will provide the long-term stability and certainty to business in the context of investment decisions,” said Donohoe.

According to the statement, the 15 per cent corporation tax rate will apply to 56 Irish multinationals employing nearly 100,000 people and 1,500 foreign-owned multinational enterprises based in Ireland employing around 400,000 people, while the corporation tax rate will remain unchanged at 12.5 per cent for the vast majority of businesses in Ireland.

There are over 160,000 businesses in Ireland with a turnover less than 750 million euros per annum, which employ approximately 1.8 million people, said the statement.

“The recognition of the important role that research and development plays in the modern global economy and society is another key aspect of the agreement,” said the statement.

According to local media reports, Ireland had held intensive discussions with the parties concerned before agreeing to enter the agreement. These include discussions about the nature of possible exemptions or flexibility for certain areas like research spending, said the Irish national radio and television broadcaster RTE.

The 140 member jurisdictions of the OECD’s Inclusive Framework will meet on Friday to reach an agreement, said the statement, adding that: “There is much technical work to do in the months and years ahead before the new rules come into play which is expected to be as early as 2023.”

Ireland’s agreement to increase the tax rate from 12.5 per cent to 15 per cent for foreign-owned multinational enterprises on its soil will have a limited impact on its foreign direct investment as the 15 per cent tax rate is still appealing compared with higher tax rates in many other EU member states, said local industry watchers.

Source: IANS

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Inspiring Journey of Rajasthan’s Deependra Singh Shekhawat From Monthly Salaries to Founder of Fifteen Crore Turnovers Company

Inspiring Journey of Rajasthan’s Deependra Singh Shekhawat From Monthly Salaries to Founder of Fifteen Crore Turnovers Company

Guy Kawasaki has rightly said that pursuing your passions makes you more interesting, and interesting people are enchanting. Passion is an underrated term as people believe more in hard work and dedication. We often forget that passion is what guides us to success. Deependra Singh Shekhawat is one of the few who proved that hurdles are hidden opportunities, and when utilized appropriately, they will lead you to victory.

Deependra Singh Shekhawat, being the son of a farmer, has the background of a middle-class family. He belongs to a small village of Udaipurwati, district Jhunjhunu of Rajasthan. However, his status never deterred him from dreaming. Dreams full of his passion gave him the strength to fight the battles in his life. After graduation, he initially started from a regular job. However, he was not content with his occupation. He sensed stagnancy in his career. Soon, he started thinking and strategizing about business. This thought process led him to join a renewable energy company, Adani Renewable Energy, to learn about business as the next step in his professional journey. From then on, there was no stopping him; he was on a roll. In 2015, he established Vertex Solution Company and became one of the top vendors of Adani Solar Energy. He went the extra mile by working with India’s well-known renewable energy organizations as Avada Sola, Tata Solar, O2 Power, and many more.

Deependra says that his passion for renewable energy spawns from the fact that renewable energy is one of the significant contributors to boosting the country’s economy and generating jobs. He further adds that adopting renewable sources of energy is a healthier option. He claims it is high time we start living peacefully with nature for the sanity of itself and humankind. Additionally, he has provided with job opportunities for the youth of his village Sarai and has become the Youth icon of Rajasthan. Despite belonging to a middle-class family, he left no stones unturned to achieve success and rose from the bottom of the pit to flying like an eagle. From having big dreams to making others’ dreams come true, he has come a long way.

His journey is inspiring hundreds and thousands of youngsters of middle-class families throughout the country. People are burning with passion after witnessing the change in his life. His life journey is constantly changing the lives of many for the best. He is igniting the fire of eagerness for victory in them.

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Recruitment Mantra to introduce its new job portal MyhireIndia for a seamless recruitment process

Recruitment Mantra to introduce its new job portal MyhireIndia for a seamless recruitment process

India witnessed massive downfall in the employment rate in the year 2020. Not only have the youth been denied equal job opportunities, but some of the upcoming job trends have also failed the modern age individuals.

Today, job sites are the most widely used portals used by individuals across the globe to find the right job that meets the qualification requirements. Every job is one search away. These portals have transformed the recruitment process to provide seamless and unified  experience to individuals.

Crediting the same, Recruitment Mantra is going to introduce their own job portal named myhireindia.com to enable recruiters and individuals find the best job as per their requirement. The portal will enable employers to post unlimited jobs in this portal and hire the right talented candidates as per their requirements at free of cost. Jobseekers can register and upload their CV in this portal free of cost and can also search and apply for unlimited job openings through this portal.

Emerging as one of the best job sites in India that acts as a bridge between recruiters and job seekers, the platform has uniquely been curated to serve as a comprehensive for both students and young professionals looking for employment opportunities in their preferred location.

As one of the best job portals in India, MyhireIndia allows its users to search for either internship or job opportunities within a few clicks. The company review section enables the users to go through the reviews from the companies registered on the platform to get a glimpse of the work-life at the firm behind the curtain.

  • Keyword search: The keyword search function available on job search sites allows users to look for his/her preferred jobs in a single-click just by typing in the job keyword like retail jobs, media, pharmacy job, etc. on the keyword search bar.
  • User-friendly interface: The job site is developed for the key purpose of making job searches easier for its users. A user-friendly interface allows users to browse through job opportunities in his/her preferred areas of life without losing his/her focus in doing the same.
  • Options to filter preferences: The filters available on the job site allow users to filter out their job preferences exactly according to their needs and requirements. You can filter out your job search with your location, salary, job type, and other preferences.
  • Easy application process: If a job site has a complicated application option for jobs, it will automatically receive backlash for its services. The platform serves an easy application option to users, allowing them to apply for jobs within minutes.

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