Income Tax department alters method to tax MNCs and Digital Firms in India
The income tax department has changed the method to tax multinational companies and digital firms with permanent establishment in India by taking into account various factors like domestic sales, employee strength, assets and user base. In ‘Profit Attribution to Permanent Establishment in India’s report, the Central Board of Direct Taxes Committee stated that MNCs that are suffering global losses or a global profit margin of less than 2% and have their operations in India will be considered to have made a profit of 2% of Indian revenue and will be taxed accordingly.
Topics: Base Erosion and Profit Shifting • Economy • Income Tax • International taxation • Multinational corporation • Tax avoidance • World economy
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