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☆ Exclusive: India to push G20 to raise share of taxes on firms where they earn 'excess profit'
▼ + stars: | 2023-07-16 | by ( Shivangi Acharya Sarita Chaganti Singh Nikunj Ohri | Shivangi Acharya | Sarita Chaganti Singh | ) www.reuters.com time to read: +3 min

"India has made suggestions to get its due share of taxing rights on excess profits of multinational companies," one official said. The suggestions have been made to the OECD and will be discussed "extensively" during the G20 meeting on Monday and Tuesday, the official said. Under the agreement, global corporations with annual revenues over 20 billion euros ($22 billion) are considered to be making excess profits if the profits exceed 10% annual growth. The 25% surcharge on these excess profits is to be divided among countries. The G20 host nation will also propose that withholding taxation be de-linked from the excess profit tax principle.

Persons: Sarita Chaganti Singh, Shivangi Acharya, Nikunj, Aftab Ahmed, William Mallard Organizations: Organisation for Economic Cooperation, Development, OECD, People's, India's Consumer, Thomson Locations: DELHI, India, Australia, Japan, Gujarat, U.S, New Delhi

☆ Exclusive: India to push G20 to raise share of taxes on firms where they earn 'excess profit,' officials say
▼ + stars: | 2023-07-16 | by ( Shivangi Acharya Sarita Chaganti Singh Nikunj Ohri | Shivangi Acharya | Sarita Chaganti Singh | ) www.reuters.com time to read: +3 min

"India has made suggestions to get its due share of taxing rights on excess profits of multinational companies," one official said. The suggestions have been made to the OECD and will be discussed "extensively" during the G20 meeting on Monday and Tuesday, the official said. Under the agreement, global corporations with annual revenues over 20 billion euros ($22 billion) are considered to be making excess profits if the profits exceed 10% annual growth. The 25% surcharge on these excess profits is to be divided among countries. The rules now say countries offset their share of taxes with the withholding tax they collect.

LIC and EPFO have combined assets under management of 50 trillion rupees ($604.87 billion). The power and finance ministries, the LIC, PFC and REC did not reply to emails seeking comment. A third government official said the finance ministry was looking at steps to push climate financing. "The investment committee of LIC will have the flexibility to tweak their investments accordingly," Singh said. The power ministry has asked the three power financiers to extend foreign currency loans to Indian borrowers for payment to overseas vendors in order to save hedging costs.

Food and fertiliser subsidies alone account for about one-eighth of India's total budget spending of 39.45 trillion rupees this fiscal year, but reductions in food subsidies in particular may prove politically sensitive with elections looming on the horizon. The government expects to budget around 2.3 trillion rupees for food subsidies in the coming fiscal year, compared with 2.7 trillion rupees for the current year to March 31, the two officials said. Spending on fertiliser subsidies will likely fall to about 1.4 trillion rupees, according to one of the officials and a third government official. That compares with nearly 2.3 trillion rupees this year, the third official added. The finance ministry declined to comment, while the food and fertiliser ministries did not immediately reply to requests for comment.

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