Biden’s additional levy plan for MNCs may hit India’s tax regime
Biden government is looking to introduce a new regime whereby global profits of multinationals, including US tech giants, will face domestic levies if they aren’t paying a certain percentage of taxes anywhere in the world.
Synopsis
Cos that don’t pay at least 28% tax in any country to be impacted; US plan to come in conflict with 15% tax offered by India to co setting up unit here
The Biden administration’s plan to slap additional levies on major multinationals is set to hit India’s new tax regime.
Multiple changes were introduced in the tax mechanisms in 2019 to attract fresh investments in the manufacturing sector.
The Biden government is looking to introduce a new regime whereby global profits of multinationals, including US tech giants, will face domestic levies if they aren’t paying a certain percentage of taxes
