The decision of the Richest Countries to impose a 15% corporate tax on MNCs will benefit India because the domestic tax rates are above the border and International Investors are optimistic to invest in India. NANGIA ANDERSEN, the Indian Chairman said that The Landmark decision will be beneficial for the US Government & the region of Western Europe however the scenario is different for Low Tax European Jurisdictions.
On Monday the new website for filling income tax launched and it has various features for the taxpayers. Some users said that the new features lead to the slow process of the tax filing and some other taxpayers praised the specifications of the website. According to the Department” We valued our taxpayers and the new portal of e-filling is well designed to process the taxation filling with effectively, convenience & flexibility. Our taxpayers come first and the rest are behind them.”
The government on Friday extended various income tax compliance deadlines and stated that the amount paid by employers to employees for Covid-19 treatment will be tax-free. In addition, if an employee dies due to Covid-19, special payments received by family members from the employer will be exempt from income tax.
The G20 finance ministers approved a tax reform for multinational companies on Saturday, aiming to end tax havens by setting the global corporate tax rate at 15%. According to NHK reports, the G20 finance ministers concluded a two-day meeting in Venice, Italy on Saturday and passed a joint communiqué.