News By/Courtesy: Prathipati Navya | 09 Jun 2019 23:47pm IST

HIGHLIGHTS

  • Technological giants like Amazon, Facebook are criticized for cutting their tax bills by booking profits in low-tax countries regardless of their location
  • Around 20 Finance Ministers came together to frame common rules to close the loopholes in this relation
  • The G20 Meeting was held on Saturday in Japan

Around 20 Finance Ministers participated in the G20 Meeting that was held in Japan. The participants came together to frame the common rules to close the loopholes by which giant technological groups reduce their Corporate Tax burden. Technological giants like Facebook, Amazon, and Google, etc. are criticized for cutting their tax bills by booking profits in low-tax countries regardless of their location. The new rules impose a higher tax burden on Multinational Companies at the same may be a problem for countries like Ireland for Foreign Investment. Steven Mnuchin US Treasury Secretary on Saturday at G-20 meeting held at Japan said: “ It sounds like we have consensus, so now we need to take the consensus across here and deal with technicalities of how we turn this into an agreement”.

The G-20’s debate is mainly of two pillars on the topic of changes in tax code. The first pillar talks about the rights of a company to sell it’s in a country thought it doesn’t have a physical presence in the country. Under the second pillar the global companies if they book profits in low -tax countries then they are bind by the global minimum tax rate.

Section Editor: Puja Jakhar | 09 Jun 2019 23:59pm IST


Tags : #G20 #G20Meeting #CorporateTaxLiability #CorporateTax #FinanceMinisters #Taxes

Latest News

























5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice

5thvoice


Copyright Kalyan Krishna MediaZ Private Limited. All rights reserved. Unless otherwise indicated, all materials on these pages are copyrighted by Kalyan Krishna MediaZ Private Limited. All rights reserved. No part of these pages, either text or image may be used for any purpose. By continuing past this page, you agree to our Terms of Service, Cookie Policy, Privacy Policy and Content Policies.