India in last stage of finalising details on global minimum tax: Nirmala Sitharaman
The Hindu
A total of 130 countries had in July agreed to a overhaul of global tax norms to ensure that multinationals pay taxes wherever they operate and at a minimum 15% rate
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 the last stage of finalising the details.
A total of 130 countries had in July to ensure that multinationals pay taxes wherever they operate and at a minimum 15% rate. The Finance Ministry had then said that some significant issues including share of profit allocation and scope of subject to tax rules are yet to be addressed and a 'consensus agreement' is expected by October after working out the technical details of the proposal.
The proposed two-pillar solution consists of two components - Pillar One which is about reallocation of additional share of profit to the market jurisdictions and Pillar Two consisting of minimum tax and subject to tax rules.
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