India wants to charge Big Tech on the basis of local revenue or users, rather than profit. A G7 plan offers little on this front. India is best placed to lead a fightback, say ugalani and LiamWardProud:
The Group of Seven major industrial countries have found a way to include Amazon.com on a list of 100 companies that are set to face higher taxes in the countries where they do business by targeting its more profitable cloud computing unit, Reuters reported on June 8 citing officials close to the talks.
The G7 agreed on June 5 to commit to a minimum 15% global tax rate that would reduce the incentive for multinational companies to shift profits to tax havens. The group also agreed to force multinationals to pay taxes where they operate regardless of whether they have physical presence, awarding so-called market countries taxing rights on “at least 20% of profit exceeding a 10% margin for the largest and most profitable multinational enterprises”.
European countries will scrap existing digital services taxes as the new global rules go into effect, U.S. Treasury Secretary Janet Yellen said, noting she expected Amazon and Facebook would be covered under the new deal “by almost any definition”.A man displays 500 Indian rupee notes, in Ajmer, India, November 24, 2016.
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