India participates in historic Global Corporate Tax pact

India joined a consortium of 135 countries to set a minimum global tax rate of 15% for big companies. The conglomerate sought to make it harder for them to avoid taxation – the Global Corporate Tax pact. This deal sets a floor for countries that have sought to attract investment and jobs by taxing multinational companies lightly. Thus, it effectively allows them to shop around for low tax rates.
Establishing, for the first time in history, a strong global minimum tax will finally even the playing field for American workers and taxpayers, along with the rest of the world,” Biden stated. “We now have a clear path to a fairer tax system, where large global players pay their fair share wherever they do business,” British Finance Minister, Rishi Sunak added.