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Tuesday
May 2020
12:27 AM IST
News Headlines
Need to find a way to outlast Pujara in summer series: Cummins        La Liga can resume week of June 8 - Spanish Prime Minister        Extend loan automatically to all eligible borrowers without fear of 3Cs: FM to banks        Will try to restart international flights before August: Puri        Iran warns US not to interfere with Venezuela oil shipment        Sri Lanka to ease coronavirus restrictions from May 26        Coronavirus cases cross 10,000-mark in Ahmedabad, 24 deaths        Amphan toll rises to 85 in Bengal; protests over electricity, water supply        Prisoners aged above 60 to be released on emergency parole to decongest jail in Delhi        Record jump in COVID-19 cases, 137 more deaths        Bryant items fetch premium prices, Trout card sets record        Baseball players respond to MLB on virus protocols        RBI extends moratorium on loans for another 3 months till Aug        Sensex, Nifty turn choppy; RIL jumps on KKR deal        Quarantine must for domestic air travellers: Kerala govt        At least 57 killed in Pakistan passenger plane crash in Karachi        China introduces new security bill in parliament to tighten controls over Hong Kong        Trump lashes out at scientists whose findings contradict him        COVID-19 death toll climbs to 3,583 in India        Pak troops shell LoC areas in twin sectors of Poonch, Rajouri        
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Business News
G20 countries eye tax policy for internet giants: Nikkei
 
Tokyo: G20 countries are planning a new tax policy for digital giants like Google, based on the business a company does in a country, not where it is headquartered, the Nikkei business daily said Thursday.

The basic policy is likely to be signed by finance ministers from the Group of 20 countries when they meet next month in the Japanese city of Fukuoka ahead of the main G20 meeting in Osaka, the Nikkei said.

The policy, targeting firms like Google, Apple, Facebook and Amazon, would "allocate revenue to countries that provide large user bases for the world's digital corporate giants," the daily said, citing unnamed sources.

The countries will seek to reach a final agreement in 2020, but how the policy will work remains to be finalised.

One possibility would be to distribute collected tax revenues to countries based on the number of users a given company has in each country.

That could mean that Facebook, which has centralised its profits and tax payments in Ireland to take advantage of low rates, would see its tax payments redistributed to areas where more of its users live.

But details of how the tax will be collected and distributed and which companies will be affected remain to be finalised, with the Organisation for Economic Cooperation and Development (OECD) expected to help iron out the rules.

The issue of how to tax top digital companies has become increasingly fraught, with several European nations going it alone, drawing the ire of the United States.

The Paris-based OECD is trying to forge a new global agreement that would prevent the firms from simply declaring their income in low-tax jurisdictions, depriving other countries of billions in revenue.

In April, French lawmakers passed the first reading of a bill to impose taxes on digital advertising, the sale of personal data and other revenue for any technology company that earns more than 750 million euros ( 840 million) worldwide each year.

A bid to agree a law at the European Union level was scuttled by low-tax countries like Ireland, which have wooed big tech firms.

Austria has proposed similar domestic legislation


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KERALA NEWS
Quarantine must for domestic air travellers: Kerala govt
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INTERNATIONAL NEWS
Iran warns US not to interfere with Venezuela oil shipment
 Tehran: Iran's president on Saturday warned the United States not to interfere with a shipment of oi
Sri Lanka to ease coronavirus restrictions from May 26
At least 57 killed in Pakistan passenger plane crash in Karachi
China introduces new security bill in parliament to tighten controls over Hong Kong
NATIONAL NEWS
Coronavirus cases cross 10,000-mark in Ahmedabad, 24 deaths
 Ahmedabad: Coronavirus cases in Ahmedabad crossed the 10,000-mark and rose to 10,001 after 277 new p
Amphan toll rises to 85 in Bengal; protests over electricity, water supply
Prisoners aged above 60 to be released on emergency parole to decongest jail in Delhi
COVID-19 death toll climbs to 3,583 in India
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