Italy to levy web tax on digital giants from 2020

News:Italy has approved a new tax on digital companies including U.S. tech giants as part of its 2020 draft budget. Facts: Why is digital tax? The digital tax aims to stop multinationals from avoiding taxes by setting up headquarters in low-tax European Union(EU) countries. This means that firms end up paying very little tax in… Continue reading Italy to levy web tax on digital giants from 2020

G20 Finance Ministers call for creation of digital tax

Recently,G20 finance ministers at a meeting Japan has agreed to compile common rules to close loopholes used by global tech giants to reduce their corporate taxes. Global technology firms such as Facebook, Google, Amazon and others face criticism for cutting their tax bills by booking profits in low-tax countries regardless of the location of the… Continue reading G20 Finance Ministers call for creation of digital tax

Govt mulling tax on cash withdrawal of Rs 10 lakh a year

The government is planning to introduce a tax on cash withdrawals of Rs 10 lakh in a year.The government is planning this move to discourage use of paper currency, promote digital payments as well as crack down on black money. Further,the government is also considering mandating Aadhaar authentication for all high-value cash withdrawals as the… Continue reading Govt mulling tax on cash withdrawal of Rs 10 lakh a year