India calls on G-20 nations for early solution on taxing digital companies

India has made a strong case for adoption of “significant economic presence” concept for taxing global digital companies and close cooperation among the G20 member nations to deal with fugitive economic offenders who flee their countries to escape consequences of law.

During her interactions at the two-day G20 meeting of finance ministers and central bank governors at Fukuoka in Japan, Finance Minister Nirmala Sitharaman also pitched for development of a common defensive toolkit of measures to deal with non-compliant tax jurisdictions that refuse to share tax related information.

Besides Sitharaman, Finance Secretary Subhash Chandra Garg and Reserve Bank Deputy Governor Viral Acharya participated at the ministerial and central bank governors’ meeting of the G20, which is a grouping of developed and developing nations.