At the G20 Finance Ministers and Central Bank Governors’ Meeting at the G20 Summit, Finance Minister Nirmala Sitharaman called for adoption of the "significant economic presence" concept to tax global digital companies, cohesive action against fugitive economic offenders, and improved global financial information-sharing mechanisms to inhibit tax evaders (read what she said here). Finance Secretary and Economic Affairs Secretary Subhash C Garg, and the Deputy Governor of RBI Dr Viral Acharya accompanied the finance minister to Fukuoka, Japan, for the summit on June 8 and 9. https://twitter.com/FinMinIndia/status/1137185514346278913 Here are the key takeaways from Sitharaman's speech: Taxing digital economy companies Urgent need to fix the issue of determining right nexus and profit allocation solution for taxing profits made by digital economy companies Supported the adoption of “significant economic presence” concept for taxing global digital companies, which considers the “evidence of their purposeful and sustained interaction with the economy of a country” irrespective of their physical presence in the country, a concept that India had introduced and implemented through the Finance Act, 2018 Cohesive action against fugitive economic offenders Close cooperation, collaboration and coordinated action among G20 member nations to deal with fugitive economic offenders; echoes the nine-point agenda against fugitive economic offenders that Prime Minister Narendra Modi presented in Buenos Aires last year at the 13th G20 summit, where India had made a similar case. Cited India’s Fugitive Economic Offenders Act, 2018 that provides for denial of access to courts until the fugitive returns to the country, for confiscation of their properties…
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