UPDATE 2-India to scrap retrospective tax law in olive branch to global firms reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Express News Service
NEW DELHI: As the world is inching towards global tax framework, India expects to gain minimum about $12-13 billion annually in taxation, which it loses to offshore tax havens, once the framework is implemented and expects many companies shifting base back to India.
“Global tax framework is moving the way India wants it so it is a welcome move. Although the negotiations are still on and much will depend on the fine prints, our internal assessment suggests that even with a conservative estimate India will gain about $12 billion -$13 billion annually, which currently we are losing out. Also this will be a great disincentive for companies to shift base to low tax regime and will help in adding jobs as well,” a senior finance ministry official said.
India likely to benefit from global minimum 15% corporate tax pact; foreign investments to continue, experts say msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
The decision of the Group of seven (G-7) advanced economies would be placed before the G-20 countries, a group of developing and developed nations, in a meeting scheduled for July in Venice.
Consulting firm AKM Global Tax Partner Amit Maheshwari said the pact is expected to benefit India as it is a big market for a large number of tech companies.