&w=3840&q=100)
US, G7 allies agree on tax framework, scrap 'discriminatory' clause
As part of the deal, US officials agreed to remove a provision from President Donald Trump's tax-cut bill that would have increased taxes on the US income of non-US-based businesses and individuals. Known as Section 899, it came to be called the 'revenge tax' because it would increase tax rates only for countries whose tax policies Washington deems discriminatory.
The side-by-side system could 'provide greater stability and certainty in the international tax system moving forward,' the G7 advanced economies said Saturday in a statement.
As part of the agreement, the other G7 members will support the US's position in negotiations with Group of 20 countries and the Organization for Economic Cooperation and Development, which has been hosting global talks on corporate taxes, with some proposals drawing opposition from the US.
Officials from the G7 said they look forward to coming up with a solution that is 'acceptable and implementable to all,' according to the statement.
Left only partially addressed is the issue of 'digital services taxes,' which some countries levy on the profits of US-based technology companies including Meta Platforms Inc. and Amazon.com Inc.
The effort to establish a side-by-side system will include a 'constructive dialogue on the taxation of the digital economy and on preserving the tax sovereignty of all countries,' according to the G7 statement.
US Treasury Secretary Scott Bessent said Thursday that he had asked Senate and House leadership to remove Section 899 from the so-called One Big Beautiful Bill Act after securing G7 backing for the side-by-side system. Senate Republicans deleted the section in the latest version of the tax bill.
The removal of the revenge tax was key to securing the agreement among the G7 nations, according to the statement.
'We also recognize that the removal of Section 899 is crucial to this overall understanding and to providing a more stable environment for discussions to take place' on global corporate taxation, the G7 said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
9 minutes ago
- India.com
Bad news for Shilpa Shetty and husband Raj Kundra, power couple charged with fraud worth...
Bad news for Shilpa Shetty and husband Raj Kundra, power couple charged with fraud worth... In yet another trouble for the power couple, Bollywood actor Shilpa Shetty and her husband, businessman Raj Kundra, have been charged with defrauding a Mumbai-based businessman of Rs 60 crore. One businessman Deepak Kothari has alleged that he had given them Rs 60.48 crore for business expansion around 2015-2023, but he alleged that they spent it on personal expenses. The case is linked to loan-cum-investment deal for the celebrity couple's now-defunct Best Deal TV Pvt Ltd. What is the case? Kothari, director of Lotus Capital Financial Services, said in his complaint that one agent, Rajesh Arya introduced him to the couple, who were then directors of Best Deal TV Pvt Ltd, a home shopping and online retail platform. At that time, the power couple held 87.6% of the company's shares. Kothari claimed the Bollywood couple initially sought a loan of Rs 75 crore at 12% interest. He was later persuaded to route the funds as an 'investment' to avoid higher taxation, while being assured of monthly returns and repayment of principal. How was the money transferred? Following the assurances, Kothari claimed he transferred Rs 31.95 crore in April 2015 under a share subscription agreement, followed by another Rs 28.53 crore under a supplementary agreement in September 2015. The total amount was allegedly credited to Best Deal TV's HDFC Bank accounts. Kothari eventually filed a complaint after he alleged that repeated attempts to recover his money through the mediator, Rajesh Arya, failed. The investigation into the case has been handed over to the Economic Offences Wing (EOW) as the amount involved exceeded Rs 10 crore.
New Indian Express
9 minutes ago
- New Indian Express
Final NEET merit list released after eliminating 12 examinees with dual nativity
PUDUCHERRY: The final merit list for NEET candidates has been published by the Centralised Admission Committee (CENTAC) after removing 12 candidates with dual nativity, CENTAC Convenor Cheryl Shivan said. The candidates who have applied for government quota seats in both their respective states as well as in Puducherry include eight from Tamil Nadu and four from Kerala. Alongside the complaints of dual nativity against 14 students, two students were found to have applied under Management category in Kerala. Hence they were retained in the merit list, she said. The students who have been allotted seats in JIPMER MBBS course were also removed from the final merit list To prevent candidates from other states from encroaching on Puducherry seats, the government has enforced a clause in its admission norms. This rule invalidates any admission in medical colleges under government quota where a student claims nativity in more than one state during the same academic year. A parental declaration clause is also required to reinforce compliance. Despite the parental declaration, the 12 students have violated the clause. The parents-students bodies have urged the government to take stringent action against them. For UG-NEET courses, CENTAC has published the seat matrix on its website on August 8 and candidates have been permitted to upload their course preference for round 1 allotment till August 11. The draft allotment of seats is expected by August 13, CENTAC Convenor Cheryl Shivan said . With the AICTE extending the deadline for admission completion to September 15, the paramedical seat matrix is being drawn for non-NEET courses. 'By Thursday the draft allotment should be ready for both NEET and Non-NEET courses', she added.
Indian Express
9 minutes ago
- Indian Express
Shilpa Shetty and her husband Raj Kundra booked for cheating Mumbai businessman of Rs 60.48 crore
The Mumbai police's Economic Offences Wing (EOW) Wednesday registered a case against Bollywood actor Shilpa Shetty Kundra and her husband Raj Kundra for allegedly cheating a Juhu-based businessman of Rs. 60.48 crore. The complainant, Deepak Kothari, said that he and his company made repeated attempts to recover the money from businessman Raj Kundra and Shilpa Shetty, and a mediator, but failed, as they cited pandemic-related delays. A resident of Juhu, Kothari is a director of Lotus Capital Financial Services Limited, which is non non-banking financial company, which provides loans. Kothari eventually found that the couple had used the funds for personal benefit, and had cheated him. In his FIR, Kothari alleged that Rajesh Arya, who was working as a loan agent in his firm, said that Kundra and Shetty wanted to take a business loan, and he knew them personally. A meeting was arranged in a five-star hotel in Juhu, where Raj Kundra, Shilpa Shetty, Arya, and the complainant, along with his son, met. Raj Kundra and Shilpa Shetty Kundra claimed that they were directors of Best Deal TV Pvt Ltd, a now-defunct home shopping and online retail platform. At the time, Shetty reportedly held 87.61 per cent of the shares in the company. Both allegedly sought a loan of ₹75 crore at 12 per cent interest, and the complainant agreed. However, the FIR said, the couple persuaded him to route the funds as an 'investment' to avoid higher taxation, while assuring monthly returns and repayment of principal. Believing these assurances, Kothari agreed and transferred ₹31.95 crore in April 2015 under a share subscription agreement, followed by ₹28.53 crore under a supplementary agreement in September 2015. The amount was allegedly credited to Best Deal TV's HDFC Bank accounts, and the couple had paid stamp duty of Rs. 3.19 lakh, the complainant alleged in the FIR. The FIR further states that despite providing a personal guarantee, the complainant received an email from Shilpa Shetty's email address that she had resigned as director in September 2016 from Best Deal TV. Kothari asked the reasons, but she did not give a satisfactory answer and avoided. Kothari later discovered that insolvency proceedings had been initiated against the company in 2017 for defaulting on another agreement. Kothari approached the Juhu Police Station, and based on his complaint, an FIR was registered Wednesday under sections 403 (dishonest and misappropriation of property), 406 (criminal breach of trust) and 34 (common intention) against Raj Kundra and Shilpa Shetty Kundra. The case was handed over to EOW since the amount involved exceeded Rs 10 crore. EOW is now investigating the case and trying to trace the money trail, and the role of each suspect in the alleged conspiracy.
