Home » Current Affairs In-depths & Editorials » GS3 » Economy » Taxation » Black Money » [Editorial] Global Minimum Tax

Global Minimum Tax

Swetha 15/06/2021

From Current Affairs Notes for UPSC » Editorials & In-depths » This topic

IAS EXPRESS Vs UPSC Prelims 2024: 85+ questions reflected

If you like this post, please share your feedback in the comments section below so that we will upload more posts like this.

Related Posts

Laffer Curve upsc mindmap

Laffer Curve: How This Simple Economic Theory Could Transform Tax Poli...

13/06/2024 / Taxation, Uncategorized

Carbon Border Adjustment Mechanism- Purpose, Working & Criticisms

Carbon Border Adjustment Mechanism- Purpose, Working & Criticisms

11/05/2023 / Environmental Pollution, Europe (UK, France, etc), Policies/Plans/Guidelines/Frameworks, Taxation

Startups Return to India Post Angel Tax Abolition

Startups Return to India Post Angel Tax Abolition

16/02/2025 / Taxation

A Mindmap image featuring information about the "Global Tax Evasion Report 2024" by the European Union Tax Observatory. The image provides context on tax evasion discussions, the Global Minimum Tax (GMT), and measures to combat evasion. It defines tax evasion as the illegal non-payment of taxes, with methods including income underreporting, hiding money offshore, and inflating deductions. The report highlights and recommendations are as follows: A $1 trillion profit shift to tax havens in 2022 with a recommendation for a minimum corporate tax of 25%. Billionaires' effective tax rates ranging from 0% to 0.5%, with a recommendation for a new 2% global tax on billionaires' wealth. Decrease in offshore tax evasion with a recommendation for the creation of a Global Asset Registry. Policy impact on tax evasion with a recommendation to tax long-term residents in low-tax countries. Multinationals shifting $1 trillion to tax havens, with a recommendation for unilateral tax collection measures. A trend called "Greenwashing the Global Minimum Tax" with a recommendation to strengthen economic substance and anti-abuse rules. The image also mentions Indian measures against tax evasion, including E-Invoicing, the Fugitive Economic Offenders Act, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Income Tax Act, the Prevention of Money Laundering Act, treaties like the Double Tax Avoidance Agreement (DTAA) and Tax Information Exchange Agreement (TIEA), the Benami Transactions Informants Reward Scheme, and corporate tax reductions for existing companies and new manufacturing firms. Finally, it discusses international reforms against tax evasion, including the Global Minimum Tax (GMT) proposed by the OECD with a 15% corporate minimum tax agreed upon by 136 countries, including India, and the Automatic Exchange of Information (2017) for combating offshore tax evasion.

Global Tax Evasion Report 2024

26/10/2023 / Indices/Reports, Taxation

Categories: Black Money, Taxation

Tags: Base Erosion and Profit Shifting (BEPS) project, Editorials, Pillar One, Pillar Two

Subscribe

0 Comments

Inline Feedbacks

View all comments

🖍️ Highlight

X