Trump's exit from tax deal may not hit India from collection standpoint

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Trump's exit from tax deal may not hit India from collection standpoint - Business Standard

Quick Summary:

Soon after taking charge, US President Donald Trump in a Presidential memorandum said that the "Global Tax Deal have no force or effect within the United States", thus nullifying the progress made so far by the Organisation for Economic Cooperation and Development (OECD) to bring 140 countries on the same platform to levy a minimum 15 per cent tax on profits of multinational corporates.

The decision of the Trump administration to withdraw from the OECD's global tax deal will not have any impact on India, but it will severely affect the progress made thus far in reaching an international consensus on global minimum tax, experts said on Tuesday.

Nangia & Co LLP Managing Partner Rakesh Nangia said the impact of the US pulling out of the global tax deal would have monumental impact on the global tax landscape, especially for countries/jurisdictions which have already adopted/formulated rules in their domestic law for implementing Global anti-Base Erosion Model or GloBE rules (Pillar ..