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Critics say OECD’s tax deal for big tech has no teeth. What does it mean for India?

OECD claims the deal will bring more revenue to developing countries by taxing big tech equitably, but critics point to loopholes.

"Today's tax deal was meant to end tax havens for good. Instead, it was written by them," Susana Ruiz, Oxfam's tax policy lead, said in a press release referring to the deal facilitated by the Organisation for Economic Co-operation and Development (OECD), and signed by 136 countries including India. The deal, which aims to create a tax system for a 'digitalised and globalised world economy'  claims to 1) shift taxing rights to the markets where profit is earned and 2) set a floor for corporate income tax applicable to large multinationals. OECD claims the deal will bring more revenue to developing countries by taxing big tech equitably. Oxfam and other critics, however, point to worrying loopholes in the deal, arguing that the concerns of developing countries weren't adequately addressed. Deal is not good enough for developing countries, critics say Critics of the deal point to the number of exemptions given to large tech corporations, and the low minimum tax rate of 15%: Oxfam: Susana Ruiz, the tax policy lead at Oxfam said, "This deal is a shameful and dangerous capitulation to the low-tax model of nations like Ireland...  The tax devil is in the details, including a complex web of exemptions that could let big offenders like Amazon off the hook. At the last minute a colossal 10-year grace period was slapped onto the global corporate tax of 15 percent, and additional loopholes leave it with practically no teeth." Global Alliance for Tax Justice: "The agreed global minimum tax rate…

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