India's Bold Move: Pushing G20 to Tax Excessive Corporate Profits
India will urge its G20 partners to support its proposal to increase the share of taxes paid by multinational companies to countries where they earn "excess profits." The proposal, which has not been previously reported, could impact the progress of a global corporate taxation overhaul. Under the current plan, a minimum 15% tax would be levied on large global firms, along with an additional 25% tax on "excess profits." India is seeking significant increases in the tax paid in countries where these firms do business. The issue will be discussed during the G20 meeting, where India will also propose de-linking withholding taxation from the excess profit tax principle.