Consensus based solution for digital taxation should be simple and imperative: FM
Finance Minister, Nirmala Sitharaman said that a consensus-based solution for digital taxation should be simple and inclusive, while speaking at 3rd G20 Finance Ministers and Central Bank Governors (FMCBG) meeting held at Riyadh (Saudi Arabia) through video conferencing, on Saturday.
“It is imperative that this should be simple, inclusive and based on a robust economic impact assessment”, said FM with reference to the international taxation and questions to digital taxation policy.
G20 Action Plan on Covid-19 faced the need for international coordination to address the spill over effects of exit strategies. It places a list of cooperative commitments under Health , Economic Response, Strong and Sustainable Recovery and International Financial Coordination etc.
India submitted a six-page writing to the United States Trade Representative (USTR), and argued that companies with annual revenue exceeding Rs 20 million.
India’s Finance Act 2020 has lengthened the domain of the equalisation tax for non-resident e-commerce hands involved in services like supply through online sale of goods and provisions, 2 per cent tax rate and is always applicable for e-commerce companies sourcing revenue from Indian customers which operates in India but stay intangible. It was 6 per cent since 2016 for payments more than 1 lakh per year.
‘G-20 Focused on macro-economy, capital flows, cross border payments, transition from LIBOR and other issues.” Added RBI Governor Shashikanth Das in his tweet.