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India seek quick solution on taxing digital firms at G20

USNMix Report: The need to pay attention to the quick solutions
for taxation of digital companies.

India appealed to member countries of the G20 that in order to find solutions to the challenges of taxation on the benefit of the digital world companies, this principle should be used that if such company holds 'significant economic presence' in any country There should be tax on the profits earned there only.

India appealed to member countries of the G20 that in order to find solutions to the challenges of taxation on the benefit of the digital world companies, this principle should be used that if such company holds 'significant economic presence' in any country There should be tax on the profits earned there only. Finance minister Nirmala Sitharaman addressing the ongoing two-day meeting of the finance ministers and governors of central banks in Fukuioka, Japan, proper allocations of business links and benefits on the issue of taxes on the profits of digital companies, The emphasis is on the principle set. 
India seek quick solution on the issue of taxing digital firms at G20

In a statement, the Finance Ministry said, "The Finance Minister mentioned emerging from the digitization of the economy and challenges to reach the critical phase of work on the challenges. In this regard, he endorsed a solution based on the principle of significant economic presence. " India expects that global solutions based on consensus on this subject will be based on equality and will be simplified and will be achieved by 2020.

Sitharaman said that nearly 90 jurisdictions are now adopting automatic exchange of financial information. This will ensure that tax evasion bodies can not hide the financial account located in another country. The Finance Minister requested the G20 that for the network of automatic exchanges, such jurisdictions, including developing countries and financial centers, should be identified, which are relevant but are not yet committed for any timeframe.

Sitharaman also underlined the need to keep an eye on the imbalance of the global current account. He also appealed to be aware of the turmoil of the international crude oil market from the G20.

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