Page 3 - Latest Updates on Corporation Tax
G7 deal on minimum global corporate tax: Reason, likely impact explained
Agreement paves way for levies on multinationals in countries where they operate, instead of just where they are headquartered.
 "G7 deal on minimum global corporate tax: Reason, likely impact explained")
Best of BS Opinion: Seal a tax deal, the road ahead for SBI, and more
Here are the best of Business Standard's opinion pieces for Monday
 "Best of BS Opinion: Seal a tax deal, the road ahead for SBI, and more")
Seal a tax deal
Minimum global corporate tax rate solves many problems
 "Seal a tax deal")
G-7 nears deal for at least 15% global minimum corporation tax: Report
The ministers are meeting Friday and Saturday in London and are due to release a statement after the discussions.
 "G-7 nears deal for at least 15% global minimum corporation tax: Report")
Govt's worry on corporation tax revenue front may worsen in coming years
Concern over a falling share of corporation tax revenue may get worse
 "Govt's worry on corporation tax revenue front may worsen in coming years")
A rising tide of old ideas: How world economics has changed in 4 decades
Higher tax rates, central banks pumping out cash, protection for home industry, suppressing interest rates, high social welfare pay-outs - all hark back to pre-Thatcher-Reagan phase - notes T N Ninan
Global minimum tax may impact India's special rate on manufacturing firms
US proposal to raise the global corporate tax rate to 28% from 21% might face resistance from countries unwilling to give up their edge and compete with America on its terms
 "Global minimum tax may impact India's special rate on manufacturing firms")
Corporation tax: Biden says open to compromise on infra, but not inaction
President Joe Biden drew a red line on his $2.3 trillion infrastructure plan Wednesday, saying he is open to compromise on how to pay for the package but inaction is unacceptable
 "Corporation tax: Biden says open to compromise on infra, but not inaction")
Biden says no evidence higher corporation taxes will drive companies abroad
President Joe Biden defended his proposal to raise corporate taxes to help pay for his infrastructure spending plans
 "Biden says no evidence higher corporation taxes will drive companies abroad")
Ray of hope: In a surprise, personal tax mop-up rises 2.5% in FY21
6% fall in corporation tax due to Covid-related issues
 "Ray of hope: In a surprise, personal tax mop-up rises 2.5% in FY21")
In US, dozens of big and profitable companies pay no federal taxes
A provision in the 2017 tax bill allowed businesses to immediately write off the cost of any new equipment and machinery.
 "In US, dozens of big and profitable companies pay no federal taxes")
UK to hike corporation tax to 25% from 19% from 2023, says FM Sunak
Sunak said small businesses with profits of less than 50,000 pounds a year would be charged only 19%
 "UK to hike corporation tax to 25% from 19% from 2023, says FM Sunak")
UK's Rishi Sunak to raise business tax to pay for Covid-19 support
Allies of Sunak clarified he would not increase corporation tax higher than 23 per cent
 "UK's Rishi Sunak to raise business tax to pay for Covid-19 support")
AAR in new avatar: Old wine or efficient machinery for disposal of cases?
Experts say while the backlog of cases will most likely be reduced, the quality of rulings may not inspire taxpayers
 "AAR in new avatar: Old wine or efficient machinery for disposal of cases?")
Budget 2021 offers tax sops for aircraft leasing in GIFT City
Tax holiday on capital gains, tax exemption for aircraft lease rentals paid to foreign lessors
 "Budget 2021 offers tax sops for aircraft leasing in GIFT City")
Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P
Budget 2021 LIVE: Finance minister Nirmala Sitharaman in her Union Budget 2021 speech announced a slew of taxation reforms but left personal income tax slab unchanged. Track Budget 2021 highlights
 "Budget 2021 LIVE: Budget is a shot in the arm for Indian economy, says S&P")
Personal I-T revenue now equals all other direct taxes: That's a problem
Until the 1950s taxes on output contributed more to government revenue than those on incomes of people and businesses. But since then the balance has gradually been reversed
Budget Byte: Healthy corporate profits may help improve govt spending
Rising corporate profits and relatively unaffected salaries may help continue this trend giving a positive impetus to government spending
 "Budget Byte: Healthy corporate profits may help improve govt spending")
Four key reasons why the AAR is losing its relevance in direct taxes
Set up in 1993 to provide clarity to MNCs about taxability of certain transactions, and later to domestic companies for deals above Rs 100 cr, it has become dysfunctional due to vacancies at the top
 "Four key reasons why the AAR is losing its relevance in direct taxes")
Advance tax mop-up dips 25.5% in Q2, led by plunge in corporate tax: Report
Advance tax collections fell 25.5 per cent to Rs 1,59,057 crore in the second quarter of the fiscal, an income tax official said on Thursday
 "Advance tax mop-up dips 25.5% in Q2, led by plunge in corporate tax: Report")
