India is seemingly positioned to be at loggerheads with the United States of America on the latest decision by Group of Seven (G7) countries to back a proposal for creating a common global corporate tax structure for multinationals, according to a report by MoneyControl. What is this proposed corporate tax structure? On May 5, G7 countries which include United States, Japan, Germany, Britain, France, Italy and Canada, introduced a proposal for a global corporation tax rate that said that countries should tax their homegrown companies' overseas profits at least 15 per cent. This was brought in seemingly to close cross-border tax loopholes used by world's biggest companies, said a report by Reuters. The report said that this accord would form the basis of a global pact next month. This proposal has also been aimed at ending a decades-old race in…
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