Can Trump derail 2021 global corporate tax deal? India evaluating if framework can still work
1 month, 3 weeks ago

Can Trump derail 2021 global corporate tax deal? India evaluating if framework can still work

Firstpost  

India is assessing whether a global corporate tax deal agreed between 140 nations can work following US President Donald Trump’s withdrawal from the landmark 2021 arrangement, a senior bureaucrat in the finance ministry said India is assessing whether a global corporate tax deal agreed between 140 nations can work following US President Donald Trump’s withdrawal from the landmark 2021 arrangement, a senior bureaucrat in the finance ministry said. Last month, Trump declared the global corporate minimum tax deal “has no force or effect” in the US, effectively removing his country from it. After years of stalled negotiations on global tax issues hosted by the Paris based-Organisation for Economic Cooperation and Development, a global deal to ensure big companies pay a minimum tax rate of 15% was sealed in 2021. The two-part tax deal aims to end competitive reductions in corporate tax rates around the world and made it harder for highly profitable multinational companies to avoid taxation.

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History of this topic

No commitments made: India on Donald Trump's tariff cut claim
2 weeks, 5 days ago

No commitments made: India on Donald Trump's tariff cut claim

India Today  

India has made no commitments on trade tariff reductions to the United States, Commerce Secretary Sunil Barthwal informed a Parliamentary panel on Monday. Barthwal's statement came in response to US President Donald Trump’s recent assertion that India has agreed to bring its tariffs "way down". With several members of the Parliament panel raising concerns over Donald Trump's recent claim of …

Trump says India has been ‘exposed for what they have done’ as he attacks India’s tariffs again
Top News
3 weeks ago

Trump says India has been ‘exposed for what they have done’ as he attacks India’s tariffs again

The Hindu  

U.S. President Donald Trump on Thursday attacked India’s tariffs regime, saying it is next to impossible to sell anything to India because of the “high tariffs.” Speaking to reporters, Mr. Trump focused on the tariffs his administration will be putting in effect soon. However, Mr. Trump also revealed that India has agreed to slash its tariffs significantly, allegedly because “somebody …

‘Somebody is finally exposing them:’ Trump says India agreed to cut tariffs ‘way down’
3 weeks, 1 day ago

‘Somebody is finally exposing them:’ Trump says India agreed to cut tariffs ‘way down’

Firstpost  

Notably, India’s Commerce Minister Piyush Goyal is visiting Washington these days to resolve trade issues and hold negotiations with his American counterpart Howard Lutnick US President Donald Trump said Friday India that had agreed to lower tariffs because “somebody is finally exposing them”. You can't even sell anything in India.They have agreed, by the way; they want to cut their …

US President Trump Says India Has Agreed To Cut Tariffs: 'Exposed Them For What They Have Done'
Top News
3 weeks, 1 day ago

US President Trump Says India Has Agreed To Cut Tariffs: 'Exposed Them For What They Have Done'

ABP News  

US President Donald Trump said on Friday that India has agreed to cut their tariffs "way down" after he earlier said that the country was a "very high tariff nation." India-US Trade Agreement Trump's remark came hours after a spokesperson for the Ministry of External Affairs, Randhir Jaiswal said the proposed India-US trade agreement seeks to lower tariff, and non-tariff …

India is very high tariff nation: U.S. President Donald Trump
3 weeks, 1 day ago

India is very high tariff nation: U.S. President Donald Trump

The Hindu  

India is a very high tariff nation, U.S. President Donald Trump has said as he reiterated that reciprocal tariffs on countries that impose levies on American goods will kick in on April 2. “And the big one will be on April 2, when reciprocal tariffs, so if India or China, or any of the countries that really…India is a very …

Trump brandishes tariffs, but India and UK are back talking trade
1 month ago

Trump brandishes tariffs, but India and UK are back talking trade

Live Mint  

India and the UK returned to free trade negotiations on Monday after a year's gap, offering a glimmer of optimism in a world witnessing a surge in protectionism. "This will be a path-breaking free trade agreement," Goyal said at a press conference with his British counterpart Jonathan Reynolds, adding it could boost merchandise trade with Britain two to three times …

Trump’s tariff plan poses risks for India-US bilateral trade: Goldman Sachs
1 month, 1 week ago

Trump’s tariff plan poses risks for India-US bilateral trade: Goldman Sachs

Live Mint  

While India’s trade surplus with the US doubled over the last decade to $35 billion in FY24, driven by electronics, pharmaceuticals, and textiles, US President Donald Trump’s proposed reciprocal tariff plan could pose new challenges for Indian exports, Goldman Sachs Economics Research said in a report on Wednesday. Under President Trump’s reciprocal tariff plan, India could face three potential impacts: …

US Rejects Global Tax Deal: What’s Next for India’s Fiscal System?
1 month, 1 week ago

US Rejects Global Tax Deal: What’s Next for India’s Fiscal System?

The Quint  

After a series of moves culminating in Donald Trump's Executive Order on 20 January 2025 pronouncing the “Global Tax Deal” to have “no force or effect” in the United States, the country walked out of the international tax agreement brokered by the economic thinktank Organisation of Economic Cooperation and Development for industrialised countries. The deal was meant to ensure that …

A Look At India-US Trade Dynamics Ahead Of PM Modi's High-Stakes Visit To Washington
1 month, 2 weeks ago

A Look At India-US Trade Dynamics Ahead Of PM Modi's High-Stakes Visit To Washington

ABP News  

Prime Minister Narendra Modi will start his two-day working visit to the US on Wednesday, during which he will hold a bilateral meeting with President Donald Trump, their first since the latter returned to power. US-India Trade Partnership As per a CNN report, the US is India’s largest trading partner, with nearly $120 billion in trade, while India ranks 10th …

A rich-country tax deal is dead in the water. But India is sailing ahead
1 month, 2 weeks ago

A rich-country tax deal is dead in the water. But India is sailing ahead

Live Mint  

NEW DELHI : India will soon issue a new set of rules to determine how foreign companies’ profits derived from India will be taxed, in an effort to reduce litigation and bring more subjectivity and clarity to taxation, two persons familiar with the development said. The new rules will set the template for tax officials to objectively compute the extent …

Ajit Ranade: Trump’s policies offer India a pretext to reset import tariffs
1 month, 2 weeks ago

Ajit Ranade: Trump’s policies offer India a pretext to reset import tariffs

Live Mint  

Let’s take stock of India’s external environment. The president has proclaimed that he wants a weaker dollar to support American exports and jobs, and there is speculation whether he will force America’s trade partners into a Plaza Accord kind of deal that forces them to collectively strengthen their currencies. Trump has also threatened to slap Brics nations with 100% import …

India to Assess US Exit from Global Tax Deal
Trending News
1 month, 3 weeks ago

India to Assess US Exit from Global Tax Deal

Deccan Chronicle  

New Delhi: Revenue secretary Tuhin Kanta Pandey on Tuesday said that India would assess the implications of the United States’ decision to withdraw from the global tax deal. As per the Trump’s statement, the ‘global tax deal’ has no force or effect within the United States, thus nullifying the progress made so far by the Organisation for Economic Cooperation and …

Budget 2025: Global economic shifts make tax cuts unlikely, but reforms must continue
2 months ago

Budget 2025: Global economic shifts make tax cuts unlikely, but reforms must continue

Live Mint  

As the world economy continues to work through the challenges of weak growth, likely inflation and political actions shifting economic relations, there is continued interest in whether tax policy can make a difference. Yet, the growth in goods and services tax collections is robust and personal income taxes have grown faster than corporate tax collections. However, US president Donald Trump’s …

Trump effectively pulls U.S. out of global corporate tax deal
2 months, 1 week ago

Trump effectively pulls U.S. out of global corporate tax deal

The Hindu  

President Donald Trump on Monday declared that a global corporate minimum tax deal "has no force or effect" in the U.S., effectively pulling America out of the landmark 2021 arrangement negotiated by the Biden administration with nearly 140 countries. But countries that have adopted the 15% global minimum tax may be in a position to collect a "top-up" tax from …

Trump tariff threat: India should reciprocate if U.S. imposes additional duties on domestic goods
2 months, 1 week ago

Trump tariff threat: India should reciprocate if U.S. imposes additional duties on domestic goods

The Hindu  

India should respond with equal measures if the newly elected U.S. President Donald Trump imposes higher tariffs on domestic goods, trade experts say. They noted that India has previously implemented retaliatory customs duties on several U.S. products, such as apples, in response to what it deemed "illegal" tariffs imposed by America on certain steel and aluminium products. "Of course, India …

Trump says he will tariff and tax foreign countries. Trouble for India?
2 months, 1 week ago

Trump says he will tariff and tax foreign countries. Trouble for India?

India Today  

US President Donald Trump on Monday said he would impose tariffs and taxes on "foreign countries" "to enrich" Americans and said he will create an "external revenue service" to collect "massive amounts" of duties and other revenues from foreign sources. Trump's pledge to implement a trade policy of "tariff and tax" on other countries, also has significant implications for countries …

Donald Trump's tariff threat: Top experts discuss what it means for India
2 months, 4 weeks ago

Donald Trump's tariff threat: Top experts discuss what it means for India

India Today  

Donald Trump is set to return to the White House as the 47th President of the United States on January 20, 2025, for his second term and his pre-election rhetoric about increasing tariffs has sparked discussions about potential implications for global trade and India's economy. In an exclusive panel discussion with Rahul Kanwal, News Director at Aajtak & India Today, …

Switzerland suspends ‘most favoured nation’ status to India, cites SC's Nestle case ruling
3 months, 2 weeks ago

Switzerland suspends ‘most favoured nation’ status to India, cites SC's Nestle case ruling

Hindustan Times  

Dividends of Indian entities will be taxed at 10% in Switzerland from January 1 as the European nation has suspended the most favoured nation clause in its Double Taxation Avoidance Agreement with India. REUTERS/Denis Balibouse In a December 11 statement, the Swiss finance department said the move follows a ruling by Supreme Court of India last year that the MFN …

Trump presidency 2.0: A sequel likely to outdo his first stint in power
4 months, 3 weeks ago

Trump presidency 2.0: A sequel likely to outdo his first stint in power

Live Mint  

Sequels rarely have the same impact as the original. His oft-stated conviction that climate change is a hoax could lead him to reverse several of the Joe Biden administration’s green initiatives, save those for electric mobility, which, thanks to Trump’s proximity to Tesla chief Elon Musk, could be spared. However, with America’s growth rate already the envy of the rich …

Modi vibes well with Trump. But India may not be ready for a second Trump term
8 months, 1 week ago

Modi vibes well with Trump. But India may not be ready for a second Trump term

Live Mint  

Having survived an assassination attempt, and shown defiance and fighting spirit while under attack, former US president Donald Trump has improved his chances of beating a frail-looking Joe Biden, who struggles to convince American voters that he retains the mental acuity to continue in office for another term. Should Trump emerge as the 47th President of the US, as is …

Budget may make some announcements to enable Global Minimum Tax
8 months, 2 weeks ago

Budget may make some announcements to enable Global Minimum Tax

Deccan Chronicle  

The global minimum tax set to take effect in 2025 will have legal and economic ramifications for multinational corporations with an annual global turnover exceeding €750 million. “India being a signatory of the Global Minimum Tax Agreement and the regime set to take effect in 2025, the government will have to bring some enabling provisions and mechanisms in the Budget. …

‘India and China hindering ‘Pillar 1’ tax deal,’ says US Treasury’s Janet Yellen
10 months ago

‘India and China hindering ‘Pillar 1’ tax deal,’ says US Treasury’s Janet Yellen

Live Mint  

US Treasury Secretary Janet Yellen stated on Friday that she is working to save a component of the global corporate tax agreement targeting highly profitable multinational corporations, and added that “India is refusing to engage on issues important to US interests”. Yellen told Reuters in an interview on the sidelines of a G7 finance leaders meeting in Italy that China …

What to expect from the G20 leaders’ summit
1 year, 6 months ago

What to expect from the G20 leaders’ summit

Live Mint  

The leaders’ summit is a high point in India’s rotating presidency of the G20. India’s G20 Sherpa Amitabh Kant had earlier said that the G20 is an economic body and that India would focus on developmental issues. This makes stitching together a joint declaration critical for India given the credibility it can give to the country’s role on the world …

A new global vision for G20
2 years, 7 months ago

A new global vision for G20

The Hindu  

While India has taken a clear view of the role of the G20, there is concern that the agenda, themes and focus areas which India will set for 2023 lack vision. However, according to the Ministry of External Affairs, in 190 meetings, India will strengthen international support for priorities of vital importance to developing countries in diverse social and economic …

TMS Ep192: US recession, influencer marketing, markets, global min corp tax
2 years, 9 months ago

TMS Ep192: US recession, influencer marketing, markets, global min corp tax

Business Standard  

Voices warning of a possible recession in the United States are growing. Meanwhile, pandemic also gave birth to a fresh crop of social media influencers -- whose clout continues to grow. Meanwhile, equity markets snapped their three-week winning streak last week after the Reserve Bank of India hiked repo rate to bring down inflation. After the markets, let us move …

US Agrees On Digital Services Tax Deal With India, To End Trade Retaliation
3 years, 4 months ago

US Agrees On Digital Services Tax Deal With India, To End Trade Retaliation

ABP News  

New Delhi: In a sign of relief, the US Trade Representative's office will terminate its trade retaliation case against India after Washington and New Delhi agreed on a global tax deal transition arrangement that will withdraw India's digital services tax. The pact is the result of the October agreement by 136 countries in principle to withdraw their digital services taxes …

India, U.S. agree on transitional approach for digital tax on e-commerce supplies
3 years, 4 months ago

India, U.S. agree on transitional approach for digital tax on e-commerce supplies

The Hindu  

India and the United States have agreed for a transitional approach on equalisation levy or digital tax on e-commerce supplies beginning April 1, the Finance Ministry said on Wednesday. Following that on October 21, the United States, Austria, France, Italy, Spain and the United Kingdom reached an agreement on a transitional approach to existing unilateral measures while implementing Pillar one. …

President Biden's Administration, Corporate Sector Hailed Economic Reforms By India: FM Sitharaman
3 years, 5 months ago

President Biden's Administration, Corporate Sector Hailed Economic Reforms By India: FM Sitharaman

ABP News  

New Delhi: Union Finance Minister Nirmala Sitharaman has said President Joe Biden’s administration and the corporate sector leaders in the United States have hailed India’s recent economic reforms. Sitharaman said the reforms that “we have undertaken, particularly the steps taken for the withdrawal of the retrospective tax” have been mentioned by the US administration as a “very positive step”. The …

Global corporate-tax overhaul advances as 136 nations sign on
3 years, 5 months ago

Global corporate-tax overhaul advances as 136 nations sign on

LA Times  

The deal advanced after years of missed deadlines and wrangling over how to handle global tech firms such as Facebook and Google. The deal moves a step closer to ending what U.S. Treasury Secretary Janet L. Yellen calls a global “race to the bottom” among countries luring companies with ever-lower tax rates. “The alternative to this happening is that we …

G20 ministers take up plan to deter cross-border tax dodging
3 years, 8 months ago

G20 ministers take up plan to deter cross-border tax dodging

Associated Press  

A sweeping effort to deter cross-border tax dodges by multinational companies that have cost governments billions tops the agenda as finance ministers from the world’s major economies meet in Venice. Countries have lowered their tax rates to attract the revenue, moves described by U.S. Treasury Secretary Janet Yellen as a global “race to the bottom” that the proposal could stop. …

Global corp tax overhaul faces rocky road as India, Switzerland express reservations
3 years, 8 months ago

Global corp tax overhaul faces rocky road as India, Switzerland express reservations

Live Mint  

A long road strewn with potential political pitfalls lies ahead for countries seeking to end a race to the bottom on international corporate tax, even though 130 of them have agreed to overhaul the way multinationals are taxed. With ink barely dry on the agreement, jubilant politicians in higher-tax countries declared that what French Finance Minister Bruno Le Maire termed …

Global tax overhaul endorsed by 130 nations as deal gets closer
3 years, 8 months ago

Global tax overhaul endorsed by 130 nations as deal gets closer

Live Mint  

The world took a big step toward sweeping changes to global taxation as 130 countries and jurisdictions endorsed setting a minimum rate for corporations along with rules to share the spoils from multinational firms like Facebook Inc. and Alphabet Inc.’s Google. ‘Fair Share’ U.S. Treasury Secretary Janet Yellen lauded the news, saying it was “an historic day for economic diplomacy.” …

US wins backing for global minimum corporate tax rate
3 years, 8 months ago

US wins backing for global minimum corporate tax rate

Al Jazeera  

Officials from 130 countries and jurisdictions, including India and China, have agreed on the United States’ broad outline to overhaul the global corporate tax system. Officials from 130 countries and jurisdictions have thrown their support behind the United States’ proposal to require a minimum global tax for corporations starting at 15 percent, a key step in curbing corporate tax avoidance …

G7’s tax proposals
3 years, 9 months ago

G7’s tax proposals

Live Mint  

Finance ministers of rich G7 nations on Saturday reached a historic agreement to push for a global floor of 15% corporate tax so that no jurisdiction dangles a lower rate as bait for investment, and, as US treasury secretary Janet Yellen put it, a race to the bottom among tax regimes comes to an end. The G7 pact also envisages …

Digital tax tussles: The Hindu Editorial on preventing a tariff war
3 years, 9 months ago

Digital tax tussles: The Hindu Editorial on preventing a tariff war

The Hindu  

The United States announced and then immediately suspended a whopping 25% tariff rate on over $2 billion of imports from six countries including India, signalling Washington’s intent to act punitively on its long-held grouse with these nations for their digital services taxes primarily impacting Silicon Valley tech giants. With the threat of tariffs hanging over these six economies when most …

Union Budget 2021: Global firms, Indian MNEs better off with predictable tax regime, transfer pricing certainty
4 years, 2 months ago

Union Budget 2021: Global firms, Indian MNEs better off with predictable tax regime, transfer pricing certainty

Firstpost  

The economy crippled by the pandemic is showing signs of a rebound. Global and Indian multinational enterprises while focussing on business want a predictable tax regime and often regard transfer pricing as a key risk for cross-border transactions and structures. It would also supplement India’s successful Advance Pricing Agreement programme and provide long-lasting transfer pricing certainty. The APA programme itself …

Trade Wars: India wants predictability from the US
4 years, 5 months ago

Trade Wars: India wants predictability from the US

India Today  

India’s economic relationship with the US has always been a complicated one. Away from the customary PR visits to the Taj Mahal and the gifting of shawls and souvenirs, there have been difficult trade-offs and hectic negotiations—the famous “mangoes-for-bike” agreement of 2007, a swap deal under which India cleared Harley-Davidson’s proposed investment in the country in return for the US …

Govt notifies tax rules for non-resident e-commerce players
4 years, 8 months ago

Govt notifies tax rules for non-resident e-commerce players

Live Mint  

NEW DELHI: The income tax department has notified rules for levying 2% tax on non-resident e-commerce players which kicked in from April. This shows the government is going ahead with the new digital economy tax despite calls from global bodies, like the US-India Business Council, representing technology giants, seeking a delay in its implementation. The Finance Bill 2020 expanded the …

Global body calls for urgent changes to international tax systems to tackle inequality
5 years, 2 months ago

Global body calls for urgent changes to international tax systems to tackle inequality

India TV News  

Global body calls for urgent changes to international tax systems to tackle inequality Referring to an Oxfam study released here on Monday, Independent Commission for the Reform of International Corporate Taxation said the inequality crisis remains unaddressed and out of control as hundreds of millions of people are living in extreme poverty while large rewards go to those at the …

28 developing nations back India on OECD tax proposal
5 years, 4 months ago

28 developing nations back India on OECD tax proposal

Live Mint  

A group of 28 developing nations has backed India’s opposition to a set of new global rules for taxing tech giants being brokered by the Organisation for Economic Cooperation and Development. As talks enter the final stage, a wide gulf has opened up over taxation rights on new age companies like Netflix, Google and Facebook between their home countries and …

What OECD’s tax plan for tech giants means for India
5 years, 5 months ago

What OECD’s tax plan for tech giants means for India

Live Mint  

New Delhi: Organisation for Economic Cooperation and Development, the club of industrialized nations, on Wednesday unveiled a new global approach for taxation of multinational companies, especially technology giants like Google and Facebook. India levies tax on the global income of companies incorporated here including subsidiaries of foreign companies but in the case of non-resident companies that operate through branches, only …

Planned global tax rules aim to ensure big tech and other multinationals ‘pay their fair share’
5 years, 5 months ago

Planned global tax rules aim to ensure big tech and other multinationals ‘pay their fair share’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “We’re making real progress to address the tax challenges …

India’s proposal to tax global digital platforms gets a boost
5 years, 5 months ago

India’s proposal to tax global digital platforms gets a boost

Live Mint  

Geneva: India and South Africa received a boost to their campaign at the World Trade Organization against the current moratorium on customs duties on electronic transmissions, after a proposal to advance international negotiations for taxing global digital platforms and digital services was presented on Wednesday at the Paris-based Organisation for Economic Co-operation and Development. At an informal General Council meeting …

Decision to cut corporate tax in India revolutionary: PM Modi at Global Business Forum
5 years, 6 months ago

Decision to cut corporate tax in India revolutionary: PM Modi at Global Business Forum

India Today  

Addressing top business leaders at the Bloomberg Global Business Forum, Prime Minister Narendra Modi on Wednesday said the government's decision to slash corporate tax is a revolutionary move. PM Modi was referring to the recent tax cut announcement by Finance Minister Nirmala Sitharaman-a move aimed at providing relief to domestic businesses amid a sharp demand slowdown. PM Modi also highlighted …

Corporate tax cut historic; govt leaving no stone unturned to make India a better place to do business: Narendra Modi
5 years, 6 months ago

Corporate tax cut historic; govt leaving no stone unturned to make India a better place to do business: Narendra Modi

Firstpost  

Prime Minister Narendra Modi on Friday termed as “historic” the cut in corporate tax rates and asserted that economic announcements made in the last few weeks show that his government is leaving no stone unturned to make India a better place to do business New Delhi: Prime Minister Narendra Modi on Friday termed as “historic” the cut in corporate tax …

Corporate tax cut 'surgical strike' on negative sentiments in economy: Analysts
5 years, 6 months ago

Corporate tax cut 'surgical strike' on negative sentiments in economy: Analysts

India TV News  

Dubbing the government's move of slashing income tax rate for companies as a "surgical strike" on negative sentiments in the economy, markets analysts said the step will ease liquidity concerns of India Inc and boost investment. "The reduction to 22 per cent in corporate taxes will result in massive release of Rs 1,45,000 crore immediately in the economy which will …

G20 Osaka Summit: Indian tariffs unacceptable, tweets Donald Trump ahead of bilateral meet with Narendra Modi
5 years, 9 months ago

G20 Osaka Summit: Indian tariffs unacceptable, tweets Donald Trump ahead of bilateral meet with Narendra Modi

Firstpost  

Trump known for his whimsical outbursts on Twitter, just now took to the microblogging site to stress that India was wrong in mounting retaliatory tariffs on US imports after the latter dropped India from a list of ‘preferred trade partners’ Taking to Twitter just hours before his meeting with Prime Minister Narendra Modi, US president Donald Trump has offset any …

Trump fires fresh trade salvo a day ahead of G20 meeting with Modi
5 years, 9 months ago

Trump fires fresh trade salvo a day ahead of G20 meeting with Modi

Live Mint  

New Delhi: Indian tariffs imposed in retaliation to the withdrawal of preferential trade terms by the US are unacceptable and must be reversed, US President Donald Trump said on Thursday, just a day ahead of a meeting with Prime Minister Narendra Modi. The comment comes a day after US secretary of state Mike Pompeo held talks with external affairs minister …

India's tariffs unacceptable: Donald Trump lashes out ahead of meeting PM Modi at G20 Summit
5 years, 9 months ago

India's tariffs unacceptable: Donald Trump lashes out ahead of meeting PM Modi at G20 Summit

India Today  

Ahead of meeting Prime Minister Narendra Modi on the sidelines of the G20 Summit, US President Donald Trump has hit out at the Modi government and said that India's tariffs on US products is "unacceptable" and they must be withdrawn. Significant tension has grown between India and the US after Trump announced end of preferential trade with India and the …

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