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Google, Facebook, Netflix will pay at least 15% tax in 136 countries including India

Under the OECD agreement, countries will need to eradicate all existing digital taxes to adopt the new tax framework.

Multinational digital companies will have to pay a minimum tax rate of 15% in 136 countries including India after a new tax deal was finalised by the Organisation for Economic Co-operation and Development (OECD), the organisation announced in a press release on October 8. The deal is estimated to reallocate USD 125 billion in profits from 100 multinational companies to countries across the world, the press release said. Digital taxes have been a sticking point for many jurisdictions trying to bring globalised digital services under the ambit of local tax laws. The OECD deal sets a common taxation framework that will reallocate taxes equitably among participating countries. What is the OECD's 'Two-Pillar' solution? In order to distribute taxes equitably and limit the negotiating power of large digital companies, the OECD has devised a 'two-pillar' solution which involves 1) shifting taxing…

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