July 1, 2021
1 min read

US, India discuss shared interest in robust global minimum tax

Earlier this month, at the 47th G-7 Summit held in Cornwall, UK, member nations had agreed to back a new global minimum tax rate of at least 15% that companies would have to pay…reports Asian Lite News.

US Secretary of the Treasury, Janet L Yellen on Tuesday called up Union Finance Minister, Nirmala Sitharaman to discuss that Washington DC and India have shared interests in implementing a robust global minimum tax.

This is the second time since March, 2021, the US Treasury Secretary Yellen had spoken with Finance Minister Nirmala Sitharaman.

According to a statement from the US Department of Treasury, Yellen stressed the importance of partnership with India in the G20 and OECD to seize a once-in-a-generation opportunity to remake the international tax system to help the global economy thrive, the release further said.

Earlier this month, at the 47th G-7 Summit held in Cornwall, UK, member nations had agreed to back a new global minimum tax rate of at least 15% that companies would have to pay.

The pact paves the way for levies on multinationals in countries where they make money, instead of just where they are headquartered.

The global minimum tax could help countries collect more taxes from big companies and enable governments to impose levies on the US tech giants.

During her phone call with Finance Minister Nirmala Sitharaman in March 2021, US Treasury Secretary Yellen had appreciated India’s role as a critical partner in fighting the COVID-19 pandemic and had discussed the global economic outlook. (INN)

ALSO READ-Nirmala announces Rs 3 lakh cr collateral free loans for MSMEs

READ MORE-BUDGET 2021: Nirmala replaces ‘bahi khata’ with ‘Made in India’ tablet

Previous Story

India has largest solar programme, says Jaishankar

Next Story

Germany completes troop pull-out from Afghanistan

Latest from -Top News

India Tightens OCI rules

New rules allow cancellation of OCI cards if holders are convicted or charge-sheeted for serious offences; CPI(M) MP warns move could violate due process and erode diaspora confidence…reports Asian Lite News The

World Court: Israel Must Uphold Rights in Palestine

Israel strongly rejected the opinion, calling it “politicisation of International Law, which seeks to produce political outcomes….reports Asian Lite News The World Court has ruled that Israel must respect international human rights

Modi to Join ASEAN-India Summit Virtually

PM Modi called his Malaysian counterpart, Anwar Ibrahim, on Thursday and confirmed that he will attend the summit virtually…reports Asian Lite News Prime Minister Narendra Modi on Thursday said that he is
Go toTop

Don't Miss

MEA says it is closely following Sudan’s security situation

Earlier this week, the UAE said its ambassador’s residence in

Pakistan to host India, Pakistan Indus Commissioners meet

Article VIII (5) of the Indus Waters Treaty requires the