India likely to push G20 to raise share of taxes on MNCs

 India likely to push G20 to raise share of taxes on MNCs where they earn 'excess profits': Report India is planning to push G20 nations to support its proposal to raise the share of taxes multinational companies pay to countries where they earn “excess profits”, Reuters reported on Sunday. India wants a significant increase in the tax paid in countries where firms do business but did not specify the exact amount India was seeking, the report said citing some officials. An official said: "India has made suggestions to get its due share of taxing rights on excess profits of multinational companies." These suggestions have been made to the Organisation for Economic Cooperation and Development (OECD) and will be discussed “extensively” during the G20 meeting on Monday and Tuesday, as per the official.The G20 host will also likely propose that withholding taxation should be de-linked from the excess profit tax principle. Withholding tax is collected by companies while making payments to vendors and employees, and remitted to tax authorities. These rules say countries offset their share of taxes with the withholding tax they collect. [Read more]( If you would prefer not receiving our emails, please [Click Here](