Updated Apr 14, 2021 | 13:27 IST
The US administration is looking to impose a “minimum tax” on global profit pools of multinationals that pay less than a certain percentage tax in other countries.
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New Delhi: Large Indian information technology (IT) and pharmaceutical companies that also have operations in the United States stare at a possible jump in tax outgo amid the Biden administration’s plan to introduce new levies on multinationals.
The US administration is looking to impose a “minimum tax” on global profit pools of multinationals that pay less than a certain percentage tax in other countries.
The
Economic Times citing tax experts mentioned in a report that this would essentially mean that any company that doesn’t pay at least 28% tax on their profits in any country will face additional levies in the US.