During the meeting of G-20 finance ministers in Japan,Indian Finance Minister has called on G-20 countries to adopt principle of ‘significant economic presence’ to address challenges to tax profits made by the digital companies.
The concept of Significant Economic Presence was introduced in the Income-Tax Act,1961 from April 1,2018.
This was introduced to tax the income of the non-resident arising from transactions relating to any goods, services or property in India, including allowing download of data or software or carrying on business activities in India through digital means.
India has also raised the issue of greater participation of the medium and small scale enterprises(MSMEs) in developing countries to boost the domestic as well as global trade.
Further,India has asked for close cooperation among the G20 member nations to deal with fugitive economic offenders who flee their countries to escape the consequences of the law.
India has passed the Fugitive Economic Offenders Act,2018 that seeks to confiscate properties and assets of economic offenders that evade prosecution by remaining outside the jurisdiction of Indian courts.
Economic offences with a value of more than Rs 100 crores which are listed in the schedule of the Fugitive Economic Offenders Act come under the purview of this law.
India has also asked for development of a common defensive toolkit of measures to deal with non-compliant tax jurisdictions that refuse to share tax-related information.
India has said that G20 should further expand the network of automatic exchange of financial account information (AEOI) by identifying jurisdictions including developing countries and financial centres that are relevant but have not yet committed to any timeline.
Automatic Exchange of Information(AEOI) provides for the exchange of non-resident financial account information with the tax authorities in the account holder’s country of residence.It reduces the possibility of tax evasion.
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