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In what comes as a major reform of the international tax system, India may have to pull back the digital services tax or the equalisation levy (also called as Google tax) and give a commitment not to bring in such measures in the future if the global minimum tax deal comes through. The reform includes India along with 136 countries, agreeing to an overhaul of global tax norms and ensure that multinationals pay taxes at a minimum rate of 15%, wherever they operate.
Two-pillar tax structure
According to the Organisation of Economic Cooperation and Development (OECD) implementation plan released late on Friday, no newly enacted digital services taxes or other relevant similar measures will be imposed on any company from October 8 and until December 31, 2023, or the coming into force of the MLC (multilateral convention), whichever is earlier.
The proposed two-pillar solution of the global tax deals comprises two components, the first pillar is about reallocation of additional share of profit to the market jurisdictions and the second pillar consists of minimum tax.
Earlier this week, finance minister Nirmala Sitharaman said that India is almost ready in arriving at the specifics of the two-pillar taxation proposition at the G-20 and is in the last stage of finalising the details.
On October 13, the finance ministers of G-20 countries are scheduled to meet in Washington and finalise it.