And now we bring you a story of global significance as India takes a bold stance in the battle for fair taxation. The Indian government is said to propose a new tax reform aimed at raising the share of Taxation Of Multinational Corporations operating within its borders.
The Indian government’s proposal seeks to increase the taxes paid by these corporations in the countries where they operate and earn excess profits.
This development could have a significant impact on the global corporate landscape.
Challenging outdated rules and aiming for a more Equitable system, more than 140 countries are currently expected to implement a 2021 deal that overhauls decades-old rules on multinational taxation.
The deal supported by the United States aims to Levy a minimum 15 tax on large Global firms and an additional 25 tax on excess profits as defined by the OECD; however, concerns and reservations from various countries have put the implementation of this agreement on hold. at risk, prompting India to stay forward.
With this proposal, as the host nation of the G20 meeting, India will push its partners to support it and address the concerns surrounding the global corporate tax overhaul.
India will also brainstorm on a common roadmap for regulating the cryptocurrency sector.
The roadmap would focus on safeguarding national and macroeconomic security, investor protection, and encouraging innovation, on which there was agreement.
