Global Tax Treaty

May delay implementation of global tax deal

A higher rate of 25 per cent will reduce the risk of such a counterproductive outcome

The October deal established a global minimum corporate tax rate of 15% aimed at curtailing profit-shifting to lower-tax jurisdictions such as Ireland

US to withdraw threat of retaliatory trade action

Finance leaders from the G20 major economies keeping a close eye on inflation

Govt must protect revenues under the new tax deal

The 15% floor agreed to is, however, well below a corporate tax rate which averages around 23.5% in industrialised countries.

India introduced equalisation levy for digital advertising services in 2016 at the rate of 6 per cent

The Irish government, which initially rejected the agreement, said Thursday it had decided to join the Organization for Economic Cooperation and Development's global minimum tax accord

Finance Minister Nirmala Sitharaman on Wednesday said India is "very close" to arriving at the specifics of the two-pillar taxation proposition at the G20 and is in last stage of finalising details

OECD-led group aims to resolve issues by October 8 gathering

The G24 now pressed for a gradual removal of unilateral measures, simultaneous to revenue gains from the implementation of Pillar 1

The staffing shortfall has left Yellen's team frustrated with over-stretched portfolios, hurting morale as work to develop and enact policies becomes more difficult

The proposals by the EU's executive branch, the European Commission, range from the de-facto phasing out of gasoline and diesel cars by 2035 to new national limits on gases from heating buildings.

Over the weekend, G-20 nations agreed on the outlines of a global corporate-tax agreement.

G20 finance chiefs due to endorse deal at Venice talks; EU faces battle to turn it into bloc-wide law; US Republican misgivings could add hurdles

India has agreed to a pathbreaking international framework with 129 other countries for taxing multinationals that could impact its ability to tax them

The recent G7 proposal of a global minimum tax has mixed implications for Indian corporations, foreign majors operating here and the tax authorities

US proposal to raise the global corporate tax rate to 28% from 21% might face resistance from countries unwilling to give up their edge and compete with America on its terms

We find countries are willing to do this if they get in exchange greater tax certainty, better dispute prevention, and binding dispute resolution mechanisms