NEW DELHI : India will push its Group of 20 partners at a meeting it is hosting to support its proposal to raise the share of taxes multinational companies pay to countries where they earn 'excess profits', government officials said.India's proposal, which has not been previously reported, could temper op
NEW DELHI : India will push its Group of 20 partners at a meeting it is hosting to support its proposal to raise the share of taxes multinational companies pay to countries where they earn"excess profits", government officials said.
The deal, pushed by the U.S., would levy a minimum 15 per cent tax on large global firms, plus an additional 25 per cent tax on"excess profits", as defined by the Organisation for Economic Cooperation and Development . Three officials, who asked not to be named as discussions with the OECD were ongoing and the G20 meeting had not begun, said India wants significant increases in the tax paid in countries where the firms do business. They did not specify how much India is seeking.
India, fighting for a higher share of taxes for markets where firms do business, is the world's most populous country and set to become one of the biggest consumer markets. Indian people's average income is set to grow more than 13-fold to $27,000 by the end of 2047, according to a survey by the People's Research on India's Consumer Economy.
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