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India to benefit from global corporate tax pact

June 07, 2021

India to benefit from global corporate tax pact
India is probably going to profit from the global minimum 15% corporate tax rate pact inked by the world’s richest countries as the effective domestic tax rate is over the edge, and the nation would continue to attract investment, tax experts said on Sunday.
The Finance Ministers of G-7 nations, involving US, UK, Germany, France, Canada, Italy, and Japan, on Saturday reached a landmark deal on taxing multinational organizations according to which the minimum worldwide tax rate would be at least 15%.
They additionally agreed to place measures to guarantee organizations pay taxes in the nations where they work, a move pointed toward connecting escape clauses cross-border taxation.
Nangia Andersen India Chairman Rakesh Nangia said the G7 commitment to a worldwide minimum tax rate of 15% functions admirably for the US government and most different nations in western Europe. Be that as it may, some low-charge European wards like the Netherlands, Ireland, and Luxembourg and some in the Caribbean depend generally on tax rate arbitrage to attract MNCs.

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