Global Tax Reform

Leaders of the G20 world's major economies approved a global minimum tax on the largest companies on Saturday, but were still haggling over the pressing issue of climate change.

India is on the verge of finalising the specifications of the two-pillar taxation proposal at the G-20 forum, said Nirmala Sitharaman

G20 finance ministers on Saturday gave their backing to a historic deal to overhaul the way multinational companies are taxed, and urged hold-out countries to get on board.

The G20 members account for more than 80 per cent of world gross domestic product, 75 per cent of global trade and 60 per cent of the population of the planet

A total of 130 countries have agreed a global tax reform ensuring that multinationals pay their fair share wherever they operate, the OECD said on Thursday, but some EU states refused to sign up.

A global reform of the taxation of corporate digital revenues is very unlikely if the United States continues backing a "safe harbour" plan which would allow firms to choose how to be taxed, European Union tax commissioner Paolo Gentiloni said on Tuesday.

The move is likely to be welcomed by digital giants such as Alphabet's Google and Facebook.

The move is likely to be welcomed by Google and Facebook who would have fallen under the scope of the envisaged 3 percent levy.

Prime Minister Narendra Modi today said India is going through major social and economic changes and the resultant New India will prove to be a catalyst for global development.

Tokyo's benchmark Nikkei dropped 0.7 percent, bringing down MSCI's Asia-Pacific Index 0.4 percent. Excluding Japan, shares in the region were down just 0.05 percent, with mainland Chinese shares rising 0.6 percent to two-year highs.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent, poised for a 1.4 per cent gain on the week.

The market is now waiting to hear from US President Donald Trump on his tax reform plans as he remains under pressure to produce a legislative victory with the collapse of the latest Republican push to repeal Obamacare.

US President Donald Trump said his tax plan will give American businesses a chance to bring back the funds from abroad, and spend them in cities and towns all across the country.

A Chinese state-run newspaper that typically trades in attacking Delhi today said that India is becoming more attractive to international investors and praised the landmark tax reform GST pushed through by Prime Minister Narendra Modi.

Indian stock markets moved sharply higher on Monday, boosted by the rollout of GST amid higher global markets. GST or goods or services tax was rolled out from July 1 in biggest tax reform since Independence. Analysts say that GST, which replaced more than a dozen central and state levies, will boost economic growth over the long term and also impr...

Leaders of the G20 world's major economies approved a global minimum tax on the largest companies on Saturday, but were still haggling over the pressing issue of climate change.

India is on the verge of finalising the specifications of the two-pillar taxation proposal at the G-20 forum, said Nirmala Sitharaman

G20 finance ministers on Saturday gave their backing to a historic deal to overhaul the way multinational companies are taxed, and urged hold-out countries to get on board.

The G20 members account for more than 80 per cent of world gross domestic product, 75 per cent of global trade and 60 per cent of the population of the planet

A total of 130 countries have agreed a global tax reform ensuring that multinationals pay their fair share wherever they operate, the OECD said on Thursday, but some EU states refused to sign up.

A global reform of the taxation of corporate digital revenues is very unlikely if the United States continues backing a "safe harbour" plan which would allow firms to choose how to be taxed, European Union tax commissioner Paolo Gentiloni said on Tuesday.

The move is likely to be welcomed by digital giants such as Alphabet's Google and Facebook.

The move is likely to be welcomed by Google and Facebook who would have fallen under the scope of the envisaged 3 percent levy.

Prime Minister Narendra Modi today said India is going through major social and economic changes and the resultant New India will prove to be a catalyst for global development.

Tokyo's benchmark Nikkei dropped 0.7 percent, bringing down MSCI's Asia-Pacific Index 0.4 percent. Excluding Japan, shares in the region were down just 0.05 percent, with mainland Chinese shares rising 0.6 percent to two-year highs.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent, poised for a 1.4 per cent gain on the week.

The market is now waiting to hear from US President Donald Trump on his tax reform plans as he remains under pressure to produce a legislative victory with the collapse of the latest Republican push to repeal Obamacare.

US President Donald Trump said his tax plan will give American businesses a chance to bring back the funds from abroad, and spend them in cities and towns all across the country.

A Chinese state-run newspaper that typically trades in attacking Delhi today said that India is becoming more attractive to international investors and praised the landmark tax reform GST pushed through by Prime Minister Narendra Modi.

Indian stock markets moved sharply higher on Monday, boosted by the rollout of GST amid higher global markets. GST or goods or services tax was rolled out from July 1 in biggest tax reform since Independence. Analysts say that GST, which replaced more than a dozen central and state levies, will boost economic growth over the long term and also impr...