Quick Summary
Majority of the members OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting(including India)adopted yesterday a high-level statement containing an outline of a consensus solution to address the tax challenges arising from the digitalisation of the economy. The proposed solution c
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FAQ :
It is a group of countries working together to address tax challenges arising from the digitalisation of the economy.
The solution has two pillars: Pillar One focuses on reallocating profits to market jurisdictions, and Pillar Two introduces minimum tax and subject to tax rules.
No, some significant issues are still open and need to be addressed. Technical details will be worked out in the coming months, with a consensus agreement expected by October.
Yes, the principles of the solution vindicate India's position on greater profit allocation for market jurisdictions and addressing cross-border profit shifting.
India aims for a consensus solution that is simple to implement and comply with, ensuring meaningful revenue for market jurisdictions, especially developing economies.
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