Budget 2024: 175 big MNCs' units gear up for new global minimum taxes, review rules
As per a PwC study, around 175 arms of multinationals operating in India qualify for consideration under Organisation for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) 2.0 Pillar Two regulations.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Chief Technology OfficerVisitIIM KozhikodeIIMK Chief Product Officer ProgrammeVisitIndian School of BusinessISB Chief Digital OfficerVisitThe rule applies to any multinational company that is part of a multinational group with annual revenue of Rs 750 million or more in the consolidated financial statements of the ultimate parent entity for at least two of the four fiscal years just before the tested fiscal year.
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Under the «Global Anti-Base Erosion» or «GloBE» Regulation, the Pillar Two Model Rules are crafted to ensure large multinational enterprises (MNEs) pay a minimum level of tax (at least 15%) on the income arising in each jurisdiction where they operate.
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In India, Pillar Two provisions may be incorporated into either the February vote-on-account budget or the full-fledged budget in July, with the possibility of the government sharing a
