Oecd Countries Tax

India to assess benefits of OECD's global tax deal after US quits: Fin secy

India will evaluate the benefit of joining the OECD's global tax deal as the US deciding to withdraw from such a global pact has made it "impractical to implement", Finance Secretary Tuhin Kanta Pandey said on Tuesday. US President Donald Trump on January 20 in a Presidential memorandum had said that the "Global Tax Deal have no force or effect within the United States", thus nullifying the progress made so far by the Organisation for Economic Cooperation and Development (OECD) to bring 140 countries on the same platform to levy a minimum 15 per cent tax on profits of multinational corporates. To a question on what would be India's stand on the global tax pact, Pandey said the US exit has added a lot of uncertainty and if the United States is not joining it then such a pact doesn't work out. Pandey, in a post-Budget interaction of Assocham, said the tax deal is a multilateral approach where the US is much integrally needed. "If the US has now said that it is walking out of it, then

Some MNCs may face tax heat as SC clears air on MFN applicability

The issue emerged when India signed treaties with other nations, including Slovenia, Lithuania, and Colombia, and fixed a lower rate (5 per cent withholding tax)

Countries working to resolve differences over Global tax deal: OECD draft

FinMin says intensive capacity-building initiatives are imperative for effective implementation

Tax officials should exchange info with non-tax agencies, says OECD

Countries should adopt a 'whole-of-government' approach to address the challenge of illicit financial flows through sharing of information from tax authorities to non-tax agencies, like financial intelligence units, anti-corruption agencies, customs authorities and public prosecutors, an OECD report said. India has been pressing for expanding the scope of common reporting standard (CRS) at the G20 to include non-financial assets, like real estate properties, under the automatic exchange of information (AEOI) among OECD countries. In a report titled 'Facilitating the use of tax-treaty exchanged information for non-tax purposes', OECD said illicit financial flows (IFFs) have a cross-cutting nature and involve a diversity of crimes and offences transcending tax evasion, such as money laundering, terrorism financing and corruption. It is thus highly important for jurisdictions to adopt a whole-of-government approach to addressing them, notably through the sharing of information from ta

Slowing GDP growth in India mirrors the trend in top global economies

These are the top five economies in the world, excluding India. India's growth rate has also been slowing after a stellar second quarter, showed data released on Tuesday

Remittance inflows in India to top $100 billion in 2022: World Bank brief

Remittance inflow pattern in India has undergone a structural shift from gulf countries to high-income countries in the past few years

Ireland buckles to pressure, joins global minimum corporate tax deal

The Irish government, which initially rejected the agreement, said Thursday it had decided to join the Organization for Economic Cooperation and Development's global minimum tax accord

India, other G24 nations call for gradual withdrawal of 'Google tax'

The G24 now pressed for a gradual removal of unilateral measures, simultaneous to revenue gains from the implementation of Pillar 1

Gaps in tax reform

Details of new global agreement will need to be scrutinised

Global minimum tax may impact India's special rate on manufacturing firms

US proposal to raise the global corporate tax rate to 28% from 21% might face resistance from countries unwilling to give up their edge and compete with America on its terms

Tax authorities accessed 84 million offshore accounts in 2019: OECD

Nearly 100 countries carried out automatic exchange of information last year, covering total assets of 10 trillion euros

India among top 3 nations getting Swiss info on bank accounts: Group

India rated as 'largely compliant' on transparency and exchange of information for tax purposes.

India, European nations may soon tax digital firms as US upends global plan

United States pulled out of global talks to put in place a multilateral instrument to bring these companies in the tax net.

Global corporate tax system must be overhauled, says Apple CEO Tim Cook

Cook said Apple's belief that "law should not retrofitted" was at the heart of the case and that the company had great faith in the justice system.

How much personal tax do people in OECD countries pay?

All of the top ten tax wages at more than 30%