Salzer Electronics eyeing 15% CAGR, Rs.1000 cr revenue by 2021
The Dollar Business Bureau Salzer Electronics, a leading name in the field of electrical products manufacturing, said on Monday that it is looking at a compound annual growth rate (CAGR) of 15% and aims to become a Rs.1,000 crore firm by 2021, following technology alliances globally and augment the share of value-added products. “We expect Rs.430 crore turnover by FY 18, Rs.520 crore by FY 19 and intend to emerge as a Rs.1,000 crore company by 2021,” R Doraiswamy, Managing Director of Salzer Electronics told PTI. “We believe that revenues from our existing products are expected to grow at a 15% CAGR during this period. Going forward the company’s focus is to achieve profitable growth by adding newer products, which are customised and ...
Indias economy to grow at 7.2% in FY18: World Bank
The Dollar Business Bureau India’s economy is likely to grow at 7.2% in the current financial year, showing signs of revival from an expected slowdown to 6.8% in the last fiscal, said World Bank in a report on Monday. “The revision of forecast reflects a combination of the impact of demonetisation and an investment recovery that has proven more protracted than expected,” it said in its May 2017 India Development Update report. The multilateral investment agency estimated India’s gross domestic product (GDP) growth at 7.7% in 2019-20 and 7.5% during 2018-19. “Growth is likely to slowdown in the financial year 2016-17 as the momentum of October-December quarter shifts to the last quarter of January-March,” the report said. The World Bank report comes prior to the release ...
Jaitley to visit Paris on June 7, sign OECD convention on tax evasion
The Dollar Business Bureau Finance Minister Arun Jaitley will be travelling to Paris to sign the multilateral convention of Organisation for Economic Cooperation and Development (OECD), next week. The convention is aimed at checking cross-border evasion of taxes by multinational companies (MNCs). During the 3-day visit beginning June 7, the Finance Minister will also join the Ministerial Council Meeting, which will be attended by ministers from OECD countries and other partner countries to deliberate upon issues of global importance. Earlier this month, the Union Cabinet had given the approval for signing the OECD’s multilateral convention. The convention is a result of the base erosion and profit shifting (BEPS) project between OECD and G-20, to tackle what is used by MNCs via tax planning strategies by abusing ...
Ban call on Coke, Pepsi by TN traders body comes into effect
PTI A call by the Traders Federation in Tamil Nadu to ban sales of Coca Cola and Pepsi soft drinks came into effect on Wednesday with its President A M Vikrama Raja declaring drinks as 'toxic' for consumption. "About 70% of the (15 lakh) traders have decided to boycott the sales of Coke and Pepsi from today onwards for their toxic nature. Whatever you find on the shelves of the stores are leftover stocks and those not taken back by the (distributing) agencies," he said.Raja had earlier proposed a ban on the sale of these brands at the height of pro-jallikattu protests in the state in January, where it was widely claimed that many international groups may have been behind the ban on ...
Trump warns of imposing 30% tax on American firms taking jobs abroad
The Dollar Business Bureau Sticking to his pre-election rhetoric, US President-elect Donald Trump on Sunday warned of imposing a 35% tax on products manufactured by American companies that either requires jobs to be outsourced overseas or build a new manufacturing facility in another country. The decision if implemented will have negative impact on several American companies which are planning to locate their manufacturing units in India under Prime Minister Narendra Modi-led Make in India initiative, in turn giving a significant dent to Make in India ambitions. "The US is going to substantially reduce taxes and regulations on businesses, but any business that leaves our country for another country, fires its employees, builds a new factory or plant in the other country, and then thinks it will ...
India signs advance pricing agreements with two MNCs
Source: PIB, Government of India As part of a major initiative to usher certainty in taxation, the Central Board of Direct Taxes (CBDT) entered into two unilateral advance pricing agreements (APAs) with two MNCs The agreements signed last week include the first APA with a “rollback” provision. An APA with the “rollback” provision extends tax certainty for nine financial years as against five years in APAs without “rollback”. With this, the CBDT has so far signed 14 APAs of which 13 are unilateral and one is bilateral. The signed APAs relate to various sectors including telecommunication, oil exploration, pharmaceuticals, finance/banking, software development services and ITeS (BPOs). Unilateral APAs have been signed between Indian taxpayers and the CBDT without involvement of the ...
