HomeEconomyIndia to push G20 to raise tax rate on firms earning 'excess... Economy India to push G20 to raise tax rate on firms earning 'excess profits' – sources By hossam a July 18, 2023 0 39 views Share FacebookTwitterPinterestWhatsApp AAPL +1.% Add to/remove from watchlist Join the watch list Add Job Location successfully added to: 83 type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1: 1: 1: 000 1:16 1: 16 0490 AMZN 2047-0.13% 1000 Add to/Remove from Watchlist Add to watch list Add location Location successfully added to: Please tell us your portfolio type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1: 1: 1:11 1: 1: 13 Create a new watchlist create64086435 Create new position Portfolio Add Create20470490 + add another position to close (This July The story has been corrected to indicate that % is not a tax rate, but a taxable share of corporate profits in paragraphs 4 and 9) by Shivangi Acharya, Sarita Chaganti Singh and Nikunj Ohri NEW DELHI (Reuters) – India will push its bloc partners at a conference it hosted supported its proposal to raise The share of taxes paid to countries where it earns “excess profits”, government officials said. India’s proposal, which has not been reported before, may dampen optimism among G Members Australia and Japan among others believe the Gujarat Finance Minister and Central Bank Governor meeting will make progress on the long-awaited global corporate tax reform. more than15 States should implement it next year Rules for how multinational corporations are taxed. The current rules are widely considered outdated as digital giants like Apple (NASDAQ: 1000 AAPL ) or Amazon (NASDAQ :2021AMZN ) Profits can be credited to low tax countries. The agreement, promoted by the United States, will impose minimum % tax on large MNCs, plus tax on “Excess Profit” % as defined by the Organization for Economic Co-operation and Development (OECD) . But some countries have raised concerns about the multilateral treaty that forms the backbone of the plan, and some analysts say the reforms are at risk of collapsing. “India has come up with proposals to get due taxing powers on excess profits of multinational corporations,” an official said. These recommendations have been presented to the OECD and will be discussed “extensively” during the G meeting on Monday and Tuesday, the official said. three officials who spoke on condition of anonymity because discussions with the OECD were ongoing, G11Meeting It has yet to start, saying India wants to substantially increase the taxes it pays in countries where companies do business. They did not specify how much funding India was seeking. India’s finance and foreign ministries, as well as the OECD, did not respond to requests for comment. According to the agreement, the annual income exceeds Global Enterprise billion euros ( $ billion) if the profit exceeds , it is regarded as excess profit % annual growth rate. this10% of the excess profits are to be distributed among the countries so that they can be taxed. India, the most populous country in the world and set to be one of the largest consumer markets, is fighting for a higher share of taxes in the markets where businesses do business. Average income growth of Indian people will exceed – collapsed to $, at end , according to Indian A survey by the People’s Research Center for Economics. G The host country will also propose to combine the withholding tax with the excess Decoupling of profit tax principles. The rules now state that countries offset their tax share with the withholding tax they collect. Withholding tax is collected by the company on payments to suppliers and employees and remitted to the tax authorities. In a paper published on Wednesday, the OECD said some jurisdictions had raised concerns about the distribution of taxing powers between countries. “Efforts are being made to resolve these issues with a view to having a multilateral convention ready for swift signature,” it said. ($1= .50 Indian Rupee) ($1=0.83 EUR) 82 Share FacebookTwitterPinterestWhatsApp Previous articleYoung viewers help streaming media platform rankings hit new highs in JuneNext articleUppert! !The manga will end after three volumes hossam a RELATED ARTICLES Economy Malaysia sees greater savings from shift to targeted subsidy system – Bloomberg, citing minister October 4, 2023 Economy Federal Reserve expands outreach to Instagram and Threads October 4, 2023 Economy Intel to spin out programmable chip unit, hold IPO in coming year October 3, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! Name:* Please enter your name here Email:* You have entered an incorrect email address! 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