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Like India, quarterly GDP growth also up in other large economies

China, Japan, the United States and the UK have shown a stronger rate of gross domestic product (GDP) growth in the second quarter of 2023 compared to the previous quarter

15% global minimum tax to come into effect next year: OECD tells G20

Global minimum tax of 15 per cent will come into effect from next year and by 2025 almost 90 per cent of MNCs having revenues of more 750 million euros will be subject to the levy in every country of operation, said OECD in its report to G20. "The implementation of the global minimum tax is now well underway and will come into effect from the beginning of next year," the Organisation for Economic Cooperation and Development (OECD) said in a report to G20 finance ministers and central bank governors. The OECD said that till date, around 50 jurisdictions have taken steps to implement the global minimum tax. This figure includes half the members of the G20 and all the member states of the European Union. "The implementation of the global minimum tax continues to gather speed and we estimate that by 2025 almost 90 per cent of global multinational enterprises (MNEs) with revenues above EUR 750 million will be subject to a minimum effective tax rate of 15 per cent in every jurisdiction ..

Countries agree to extend digital services tax freeze through 2024: OECD

The first part of the two-pillar deal aims to reallocate taxing rights on about $200 billion in profits from the biggest and most profitable multinationals to the countries where their sales occur

OECD marginally raises India's GDP growth forecast to 6% for FY24

OECD said 2022-23 (FY23) ended on a positive note for India with 7.2% growth, due to higher-than-expected agriculture output and strong government spending

UK to have one of highest inflation rates in the world in 2023: OECD

The UK will grow by 0.3 per cent this year and 1 per cent in 2024, according to the Economic Outlook

Persistent inflation, rising rates will weigh on global economy: OECD

The global economy must steer through a precarious recovery this year and next as inflation keeps dragging on household spending and higher interest rates weigh on growth, banks and markets. That was the takeaway Wednesday from the latest economic outlook by the Paris-based Organization for Economic Cooperation and Development. The group, made up of 38 member countries, raised its growth forecast this year to 2.7 per cent from an estimated 2.2 per cent in November and foresaw only a tiny acceleration to 2.9 per cent next year. The rebound from the COVID-19 pandemic and energy price spike tied to Russia's invasion of Ukraine is likely to be weak by past standards, with average growth of 3.4 per cent recorded in the pre-pandemic years 2013-2019. The path ahead is fraught with risks, from escalation of Russia's war in Ukraine -- with a dam collapse on Tuesday that the sides blamed on each other -- to debt troubles in developing countries and rapid interest rate hikes having unforeseen

OECD CPI falls to 7.7% in March 2023, as energy inflation continues to drop

Energy prices declined by 0.9 percentage point in March. Food inflation and inflation less food less energy increased slightly

Need to check tax evasion, illicit fund flows by developing nations: OECD

Amid the current geopolitical and debt crisis, there is a pressing need to check tax evasion and illicit financial flows, especially by Asian nations, which lost estimated 25 billion euros in revenue in 2016, OECD's Tax Transparency report said on Thursday. Quoting a study, the OECD report said 4 per cent of Asia's financial wealth amounting to 1.2 trillion euros was held offshore, leading to a potential annual revenue loss of 25 billion euros for the region in 2016. The Tax Transparency in Asia 2023: Asia Initiative Progress Report said that the current global landscape makes the fight against tax evasion and other illicit financial flows (IFFs) even more pressing in the aftermath of the COVID-19 pandemic, and the geopolitical crisis resulted in slower economic growth, increased government expenditure on public health, social and economic support, and other areas. This resulted in reduced tax revenues and hindered states' finances. With a deteriorated debt outlook and the rise in .

If OECD has its way, logging into Zoom at a beach could land you a tax bill

Currently firms and workers are facing a jumble of complicated rules on when a worker needs to pay tax if they are staying in different countries for prolonged periods

Top headlines: UBS likely to buy C Suisse, direct tax collection up 15.3%

Business Standard brings you the top headlines at this hour

OECD raises India's FY24 growth forecast by 20 basis points to 5.9%

OECD expects India's gross domestic product (GDP) to grow at 6.9 per cent in FY23 against 7 per cent estimated by the Central Statistical Organisation

OECD hikes global economic growth outlook, but warns recovery fragile

2023 global growth forecast raised to 2.6% from 2.2% previously; OECD says risks to outlook remain high as interest rates rise

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

Will oppose any step back from Bali statement on war, says France FM

Under Pillar One of BEPS, multinational enterprises with global turnover above 20 billion euros and pre-tax profit above 10 percent of revenue will have to pay 25 percent of the profit before tax

STRI: India rises on OECD index, still ranks fourth from the bottom

The 2022 STRI reflects restrictions that apply on key strategic services sectors such as rail freight transport, legal services and accounting, OECD said

Global tax reform may add $250 bn a year to public coffers, estimates OECD

The Paris-based organization said it is revising up calculations of potential fiscal gains based on data showing more profits of the biggest global companies would be captured

Statsguru: Six charts explain India's global economic growth standing

A Business Standard analysis found that the country mirrored the global trend, with the rate of growth slowing from the same quarter last year

OECD cuts India FY23 GDP forecast to 6.6% on slowdown at home, global fears

Says India is set to be second-fastest growing G-20 economy in FY23, despite decelerating global demand and tightening of monetary policy to manage inflationary pressures

India among fastest growing economies in Asia amid global slowdown: OECD

India, with a growth rate of 6.6 per cent in this financial year, is among the fastest growing economies in Asia amid a global slowdown triggered by a massive energy shock due to the ongoing Russia-Ukraine conflict, the OECD said on Tuesday. The Organisation for Economic Cooperation and Development (OECD), the Paris-based intergovernmental body that focuses on economic policy reports in its latest Economic Outlook' that India is set to be the second-fastest growing economy in the G20 in FY 2022-23 behind Saudi Arabia, despite decelerating global demand and the tightening of monetary policy to manage inflationary pressures. The GDP growth in the country will slow to 5.7 per cent in FY 2023-24 as exports and domestic demand growth moderate, but it would mean it would still be growing more than many other G20 economies including China and Saudi Arabia. After hitting 6.6 per cent in FY 2022-23, GDP growth is expected to slow in coming quarters, to 5.7 per cent in FY 2023-24, before ...

UK to be second weakest performer of world's big economies next year

In its half-yearly economic outlook, the OECD said that UK's economy would expand by 4.4 per cent this year - the sixth fastest in the G20 - but contract by 0.4 per cent next year