{"id":121153,"date":"2024-07-20T19:43:29","date_gmt":"2024-07-20T14:13:29","guid":{"rendered":"https:\/\/pwonlyias.com\/stage\/?post_type=current-affairs&#038;p=121153"},"modified":"2025-02-13T15:58:59","modified_gmt":"2025-02-13T10:28:59","slug":"global-minimum-tax-in-indian-budget","status":"publish","type":"current-affairs","link":"https:\/\/pwonlyias.com\/stage\/current-affairs\/global-minimum-tax-in-indian-budget","title":{"rendered":"Global Minimum Tax: Anticipation for its roadmap in Indian Budget"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">There is high anticipation among the Multi-National Enterprises (MNE\u2019s) and tax professionals of a roadmap for India\u2019s approach to adopting the Global Minimum Tax, also known as the &#8216;Pillar Two&#8217; global tax in the upcoming Budget.<\/span><\/p>\n<h2><span style=\"font-size: 18pt;\"><b>Global Minimum Tax (GMT)<\/b><\/span><\/h2>\n<ul>\n<li aria-level=\"1\"><b>About: <\/b><span style=\"font-weight: 400;\">The Global Minimum Tax (GMT) is <\/span><b>an agreement reached by 136 countries, including India, to ensure that large multinational corporations pay a minimum tax rate of 15%.\u00a0<\/b>\n<ul>\n<li><b>It is one of the most significant reforms of international tax regulations in a century.<\/b><\/li>\n<\/ul>\n<\/li>\n<li><b>Based on: <\/b><span style=\"font-weight: 400;\">It is an agreement <\/span><b>based on the Global Anti-Base Erosion (GloBE) Model Rules.<\/b><\/li>\n<li><b>OECD&#8217;s Inclusive Framework: It is prepared under the <a href=\"https:\/\/pwonlyias.com\/stage\/upsc-notes\/organisation-for-economic-co-operation-and-development-oecd\/\">Organisation for Economic Co-operation and Development\u2019s (OECD\u2019s)<\/a> Inclusive Framework.<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">Involves over 140 countries.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Two Pillar Plan:<\/b>\n<ul>\n<li><b>Pillar 1: primarily deals with the reallocation of income to market jurisdictions<\/b><span style=\"font-weight: 400;\">.<\/span>\n<ul>\n<li><span style=\"font-weight: 400;\">Pillar 1 <\/span><b>repeals digital services taxes <\/b><span style=\"font-weight: 400;\">and similar measures, with unclear identification and timetable.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Pillar 2 focuses on establishing a global minimum taxation framework and preventing tax avoidance<\/b><span style=\"font-weight: 400;\">.<\/span>\n<ul>\n<li><span style=\"font-weight: 400;\">Pillar 2 aims to<\/span><b> ensure income is taxed at an appropriate rate and establish a GMT of 15% for multinationals with \u20ac750 million turnover.\u00a0\u00a0<\/b><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-121135 alignright\" src=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/07\/208-669bbf1494035.webp\" alt=\"Global Minimum Tax\" width=\"451\" height=\"426\" srcset=\"https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/07\/208-669bbf1494035.webp 691w, https:\/\/pwonlyias.com\/stage\/wp-content\/uploads\/2024\/07\/208-669bbf1494035-300x283.webp 300w\" sizes=\"(max-width: 451px) 100vw, 451px\" \/><b>Need for GMT: <\/b><span style=\"font-weight: 400;\">The need for GMT arises from <\/span><b>financial diversion to tax havens <\/b><span style=\"font-weight: 400;\">and the<\/span><b> desire to mobilise financial resources.<\/b><\/li>\n<li><b>Objective: <\/b><span style=\"font-weight: 400;\">GMT aims to <\/span><b>address the low effective tax rates paid by major corporations<\/b><span style=\"font-weight: 400;\">, including tech giants like <\/span><b>Apple, Alphabet, and Facebook.<\/b><span style=\"font-weight: 400;\">\u00a0<\/span>\n<ul>\n<li><span style=\"font-weight: 400;\">These companies often use complex subsidiary structures to <\/span><b>shift profits to low-tax countries or tax havens<\/b><span style=\"font-weight: 400;\"> such as the Bahamas, Panama, British Virgin Islands etc.<\/span><\/li>\n<li><b>GMT ensures that large multinational enterprises pay a minimum level of tax on their income in each jurisdiction where they operate<\/b><\/li>\n<\/ul>\n<\/li>\n<li><b>Key Benefits:<\/b>\n<ul>\n<li><b>Reduces the incentive for profit shifting.<\/b><\/li>\n<li><b>Places a floor under tax competition.<\/b><\/li>\n<li><b>Ends the race to the bottom on corporate tax rates.<\/b><\/li>\n<li><b>Economists expect the deal to encourage multinationals to repatriate capital to their home countries, benefiting those economies.<\/b><\/li>\n<li><b>It also aims to end decades of tax competition.<\/b><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><span class=\"vc_button\"><a href=\"https:\/\/www.pw.live\/batches\/upsc?utm_source=seo+upsc+batch&#038;utm_medium=seo+upsc&#038;utm_campaign=seo&#038;utm_id=upsc\" target=\"_blank\" rel=\"noopener\">Enroll now for UPSC Online Course<\/a><\/span><\/p>\n<h2><span style=\"font-size: 18pt;\"><b>Mechanism of Global Minimum Tax<\/b><\/span><\/h2>\n<ul>\n<li><b>Applies to:\u00a0 <\/b><span style=\"font-weight: 400;\">The Minimum Tax Rate applies to <\/span><b>multinational enterprises (MNEs) with global revenues above \u20ac750 million annually.<\/b>\n<ul>\n<li><b>MNEs must pay a minimum effective tax rate (ETR) of 15% on a country-by-country basis.<\/b><\/li>\n<\/ul>\n<\/li>\n<li><b>Provision of a Top-Up Tax:<\/b>\n<ul>\n<li><b>If an MNE\u2019s effective tax rate (ETR) falls below 15% in any country, a top-up tax is imposed.<\/b><\/li>\n<li><b>This tax is payable to the nation where the MNE\u2019s parent company is based.<\/b><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><span style=\"font-size: 18pt;\"><b>Example Case to understand the Global Minimum Tax<\/b><\/span><\/h2>\n<ul>\n<li><b>An Indian multinational has subsidiaries in the UAE and Germany. With Tax Rates of: UAE: 9% and Germany: 30%<\/b><\/li>\n<li><b>Top-Up Tax<\/b>\n<ul>\n<li><b>India: <\/b><span style=\"font-weight: 400;\">India would impose a 6% top-up tax for the UAE\u2019s shortfall if the UAE doesn\u2019t meet the minimum tax rate.<\/span><\/li>\n<li><b>UAE\u2019s Right to Collect:\u00a0 <\/b><span style=\"font-weight: 400;\">UAE has the first right to collect the tax if it enacts a compatible domestic minimum tax.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Backstop Rule:\u00a0<\/b>\n<ul>\n<li><b>Under-Taxed Profit Rule (UTPR): <\/b><span style=\"font-weight: 400;\">If neither India nor the UAE enacts Pillar Two, <\/span><b>Germany can collect the UAE shortfall through UTPR.<\/b><\/li>\n<li><span style=\"font-weight: 400;\">UTPR is set to take effect in several countries from 2025.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Incentive for Implementation:<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">Pillar Two is designed so that <\/span><b>if one country legislates it, that country can collect the entire top-up tax.<\/b><\/li>\n<li><span style=\"font-weight: 400;\">Therefore, No country, including India, would want to be left behind in the implementation process.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><span style=\"font-size: 18pt;\"><b>Implementation Progress<\/b><\/span><\/h2>\n<ul>\n<li><b>Current Status: <\/b><span style=\"font-weight: 400;\">Over 50 countries are at various stages of implementing Pillar Two.<\/span><\/li>\n<li><b>Countries Already Implementing:<\/b>\n<ul>\n<li><b>European nations:<\/b><span style=\"font-weight: 400;\"> UK, Switzerland, Belgium, Netherlands, France, Germany, Ireland.<\/span><\/li>\n<li><b>Other countries:<\/b><span style=\"font-weight: 400;\"> Australia, Korea, Japan, Canada.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Upcoming Adoptions:<\/b>\n<ul>\n<li><b>Singapore <\/b><span style=\"font-weight: 400;\">and <\/span><b>Hong Kong <\/b><span style=\"font-weight: 400;\">plan to roll out Pillar Two in 2025.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The <\/span><b>UAE<\/b><span style=\"font-weight: 400;\"> is conducting consultations for its implementation.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><span class=\"vc_button\"><a href=\"https:\/\/store.pw.live\/govt-entrance-exams\/upsc-books?utm_source=SEO&#038;utm_medium=PW+Live&#038;utm_campaign=UPSC+CSE+Books\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Check Out UPSC CSE Books From PW Store<\/span><\/a><\/span><\/p>\n<h2><span style=\"font-size: 18pt;\"><b>Impact on Multinational Enterprises (MNEs)<\/b><\/span><\/h2>\n<ul>\n<li><b>Assessment Required: <\/b><span style=\"font-weight: 400;\">Businesses need to evaluate how Pillar Two affects their current and future transactions.<\/span>\n<ul>\n<li><span style=\"font-weight: 400;\">MNEs must evaluate their systems for the new tax regime\u2019s analytical, compliance, and reporting requirements.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Data and Compliance Challenges:<\/b><span style=\"font-weight: 400;\"> Compliance requires extensive accounting and tax data, which may not be easily accessible.<\/span>\n<ul>\n<li><span style=\"font-weight: 400;\">MNEs need to manage varying local regulations due to the phased implementation across jurisdictions.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Pillar Two impacts the corporate race to stay competitive:<\/b><span style=\"font-weight: 400;\"> The new global tax regime will <\/span><b>impact existing tax incentives and tax-holiday schemes across the globe, as a low ETR on account of such incentives will result in a top-up tax liability.\u00a0<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">Therefore, several countries are redesigning their tax incentive programmes for their businesses to remain competitive in the post-Pillar Two world.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">MNEs, therefore, would now need to take into account changes in tax-incentive structures as they re-assess their ongoing and proposed investments.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><span style=\"font-size: 18pt;\"><b>Status of Indian Multinational Enterprises (MNEs)<\/b><\/span><\/h2>\n<ul>\n<li><b>Preliminary Assessments: <\/b><span style=\"font-weight: 400;\">Most Indian MNEs have started or completed initial impact assessments.<\/span><\/li>\n<li><b>Preparation for Compliance: <\/b><span style=\"font-weight: 400;\">They are now focusing on ongoing compliance and tax provisioning for potential ETR shortfalls in low-tax countries.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-size: 18pt;\"><b>Associated Challenges with the implementation of Global Minimum Tax:<\/b><\/span><\/h2>\n<ul>\n<li><b>Varied Jurisdictional Approaches: <\/b><span style=\"font-weight: 400;\">Different countries may<\/span><b> interpret and implement Pillar Two differently, <\/b>l<span style=\"font-weight: 400;\">eading to inconsistencies and potential disputes in global tax enforcement.<\/span><\/li>\n<li><b>Impact on Tax Incentives: <\/b><span style=\"font-weight: 400;\">Countries may need to overhaul or eliminate existing tax incentives and holiday schemes, potentially affecting local businesses and economic development.<\/span><\/li>\n<li><b>Complexity of Implementation: The intricate rules and requirements of Pillar Two could create significant administrative and compliance burdens for both governments and multinational enterprises.<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">This can discourage foreign investment in some jurisdictions, impacting economic growth.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><b>Affects Sovereignty: <\/b><span style=\"font-weight: 400;\">The global minimum tax could<\/span><b> limit a nation&#8217;s ability to set its own tax policies, removing a key tool for pursuing national interests.<\/b><\/li>\n<li><b>Effectiveness Concerns:<\/b><span style=\"font-weight: 400;\"> Critics, including groups like Oxfam, argue that the deal <\/span><b>may not effectively eliminate tax havens or address all tax avoidance issues.<\/b><\/li>\n<\/ul>\n<h2><span style=\"font-size: 18pt;\"><b>Suggestions for India&#8217;s Introduction of Pillar Two\u00a0<\/b><\/span><\/h2>\n<ul>\n<li><b>Stakeholder Consultations:<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">India should consult with various stakeholders before introducing Pillar Two.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Focus on <\/span><b>how Pillar Two interacts with India\u2019s existing tax system and its implications for tax incentives in GIFT City, Gujarat.<\/b><\/li>\n<\/ul>\n<\/li>\n<li><b>Mindset of the MNE\u2019s:<\/b><span style=\"font-weight: 400;\"> Pillar Two represents a collective move towards global tax fairness.It is the first truly global tax system in a world of increasing business globalisation. <\/span><b>MNEs will need to adapt to new technologies and mindsets as they implement Pillar Two.<\/b><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><span class=\"vc_button\"><a href=\"https:\/\/www.pw.live\/batches\/upsc\/pw-only-ias?utm_source=seo+upsc+batch&#038;utm_medium=seo+upsc&#038;utm_campaign=seo&#038;utm_id=upsc\" target=\"_blank\" rel=\"noopener\">Enroll now for UPSC Online Classes<\/a><\/span><\/p>\n<h2><span style=\"font-size: 18pt;\"><b>Conclusion<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">India\u2019s adoption of Pillar Two is imminent; it&#8217;s a question of when, not if. The countdown has begun, and the focus is now on how the government will implement these global tax reforms effectively.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<th style=\"width: 100%; border-style: solid; border-color: #000000; background-color: rgba(184, 165, 217, 0.53); text-align: left; vertical-align: middle;\">\n<h3><span style=\"font-size: 16pt; color: #000000;\"><b>Organisation for Economic Cooperation and Development (OECD), Base Erosion and Profit Shifting (BEPS) and OECD G20 Project<\/b><\/span><\/h3>\n<p><span style=\"color: #000000;\"><b>Organisation for Economic Cooperation and Development (OECD)<\/b><\/span><\/p>\n<ul>\n<li aria-level=\"1\"><span style=\"color: #000000;\"><b>About:<\/b><span style=\"font-weight: 400;\"> The OECD is an <\/span><b>intergovernmental economic organisation, founded to stimulate economic progress and world trade.<\/b><\/span>\n<ul>\n<li aria-level=\"2\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Organisation for Economic Co-operation and Development is an <\/span><b>official United Nations Observer.<\/b><\/span><\/li>\n<\/ul>\n<\/li>\n<li aria-level=\"1\"><span style=\"color: #000000;\"><b>Members: <\/b><span style=\"font-weight: 400;\">Most OECD members are high-income economies with a very high Human Development Index (HDI) and are regarded as developed countries.<\/span><\/span><\/li>\n<li aria-level=\"1\"><span style=\"color: #000000;\"><b>Established on: <\/b><span style=\"font-weight: 400;\">OECD was established on <\/span><b>December 14, 1960.\u00a0<\/b><\/span><\/li>\n<li aria-level=\"1\"><span style=\"color: #000000;\"><b>Headquarters: <\/b><span style=\"font-weight: 400;\">Paris, France.<\/span><\/span><\/li>\n<li aria-level=\"1\"><span style=\"color: #000000;\"><b>Total Members: <\/b><span style=\"font-weight: 400;\">36.<\/span><\/span><\/li>\n<li aria-level=\"1\"><span style=\"color: #000000;\"><b>India and OECD: India is not a member, but a key economic partner.<\/b><\/span><\/li>\n<li aria-level=\"1\"><span style=\"color: #000000;\"><b>Reports and Indices by OECD<\/b><\/span>\n<ul>\n<li aria-level=\"2\"><span style=\"font-weight: 400; color: #000000;\">Government at a Glance 2017 report.<\/span><\/li>\n<li aria-level=\"2\"><span style=\"font-weight: 400; color: #000000;\">International Migration Outlook.<\/span><\/li>\n<li><span style=\"font-weight: 400; color: #000000;\">OECD Better Life Index.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"color: #000000;\"><b>Black List of OECD:<\/b><span style=\"font-weight: 400;\"> The OECD maintains a so-called &#8220;black list&#8221; of nations that are considered uncooperative tax havens.<\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\"><b>Base Erosion and Profit Shifting (BEPS) and OECD G20 Project:<\/b><\/span><\/p>\n<ul>\n<li><span style=\"color: #000000;\"><b>Base erosion and profit shifting (BEPS) refers to corporate tax planning strategies used by multinationals to &#8220;shift&#8221; profits from higher-tax jurisdictions to lower-tax jurisdictions or no-tax locations where there is little or no economic activity, thus &#8220;eroding&#8221; the &#8220;tax-base&#8221; of the higher-tax jurisdictions using deductible payments such as interest or royalties<\/b><\/span><\/li>\n<li><span style=\"color: #000000;\"><b>Aim:<\/b><\/span>\n<ul>\n<li aria-level=\"2\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">This strategy r<\/span><b>educes corporate tax liability by either masking profits or shifting them to low-tax regions with minimal economic activity, exploiting gaps in international tax regulations.<\/b><\/span><\/li>\n<\/ul>\n<\/li>\n<li aria-level=\"1\"><span style=\"color: #000000;\"><b>The OECD G20 Base Erosion and Profit Shifting Project (or BEPS Project): <\/b><span style=\"font-weight: 400;\">It is an <\/span><b>OECD\/G20 project<\/b><span style=\"font-weight: 400;\"> to set up an international framework to combat tax avoidance by multinational enterprises (&#8220;MNEs&#8221;) using base erosion and profit shifting tools.<\/span><\/span><\/li>\n<li aria-level=\"1\"><span style=\"color: #000000;\"><b>India and BEPS: <\/b><span style=\"font-weight: 400;\">India has <\/span><b>signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (&#8220;Multilateral Instrument&#8221; or &#8220;MLI&#8221;)<\/b><span style=\"font-weight: 400;\"> to\u00a0 swiftly implement a series of tax treaty measures to update international tax rules and lessen the opportunity for tax avoidance by multinational enterprises<\/span><\/span><\/li>\n<\/ul>\n<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00a0<\/p>\n<table style=\"width: 100.127%;\">\n<tbody>\n<tr>\n<td style=\"width: 138.013%; text-align: center; border-style: solid; border-color: #000000;\" colspan=\"2\"><span style=\"font-size: 18pt;\"><b>Must Read<\/b><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 50.5357%; text-align: center; border-style: solid; border-color: #000000;\"><a href=\"https:\/\/pwonlyias.com\/stage\/editorial-analysis\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">UPSC Daily Editorials<\/span><\/a><\/td>\n<td style=\"width: 87.4773%; text-align: center; border-style: solid; border-color: #000000;\"><a href=\"https:\/\/pwonlyias.com\/stage\/daily-current-affairs\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">UPSC Daily Current Affairs<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 50.5357%; 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global tax in the upcoming Budget.<\/p>\n","protected":false},"author":11,"featured_media":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"tags":[],"paper-wise":[2089],"subject":[2100],"acf":[],"_links":{"self":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs\/121153"}],"collection":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs"}],"about":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/types\/current-affairs"}],"author":[{"embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/comments?post=121153"}],"version-history":[{"count":4,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs\/121153\/revisions"}],"predecessor-version":[{"id":121352,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/current-affairs\/121153\/revisions\/121352"}],"wp:attachment":[{"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/media?parent=121153"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/tags?post=121153"},{"taxonomy":"paper-wise","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/paper-wise?post=121153"},{"taxonomy":"subject","embeddable":true,"href":"https:\/\/pwonlyias.com\/stage\/wp-json\/wp\/v2\/subject?post=121153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}