FinMin Sitharaman, US Treasury Sec Yellen discuss global minimum tax, int'l tax system

Union Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet L Yellen spoke over phone on Tuesday and discussed global minimum tax. The United States Treasury Department in its statement informed that Yellen remarked that the US and India have a shared interest in implementing a robust global minimum tax. The Treasury Department also informed that Yellen stressed on the importance of partnership with India in the G20 and OECD to seize a once-in-a-generation opportunity to remake the international tax system to help the global economy thrive. 

"Yellen discussed that the US and India have a shared interest in implementing a robust global minimum tax," said the Department of Treasury.

Sitharaman announces free visas to 5 lakh tourists

Earlier on Monday, the Finance Minister announced that the government will provide financial assistance to more than 11,000 registered travel guides/travel and tourism stakeholders. The decision was taken in a bid to revive the tourism industry that is one of the worst affected since the pandemic began last year. Sitharaman added that the loan guarantee scheme will support 10,700 regional level tourist guides and Travel and Tourism stakeholders (TTS) recognized by the Ministry of Tourism and the State governments. 

The loans will be provided upto 100 per cent guarantee up 10 lakhs for the TTs while 1 lakh for tourist guides that are licensed at the regional or state level. Sitharaman added that the Loan Guarantee Scheme for affected sectors will ensure that people can restart their businesses that have been affected due to the COVID-19 pandemic. In another major decision, the government announced that it will issue 5 lakh tourist visas free of cost.

"Once international travel resumes, the first 5 lakh tourists who come to India will not have to pay visa fees. The scheme will be applicable till March 31, 2022, or till 5,00,000 visas are issued, whichever is earlier. One tourist can avail benefit only once," Sitharaman said. 

With PTI Inputs