FM calls for consensus on taxing digital firms like Google, Facebook

Some 129 countries are in talks to rework global tax system to make digital firms pay tax regardless of their physical presence or measured profits in a country

Finance Minister Nirmala Sitharaman has called for evolving a consensus to resolve the vexatious issue of digital taxation. 

Addressing the BRICS finance ministers and central bank governors on Monday, Sitharaman said a consensus solution will play an important role in ensuring fairness, equity, and sustainability of tax systems.  “The finance minister also supported the expansion of the membership of New Development Bank (NDB) and emphasised the importance of regional balance," an official statement issued after the meeting said.

Brazil, Russia, India, China, South Africa, which make up for the BRICS group, are currently the members of the NDB.

The time frame to arrive