FM Nirmala Sitharaman visits US for a week to attend G-20 and World Bank meetings

FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman took a week-long trip to the United States to attend the annual meetings of the World Bank and IMF and the meeting of G20 Finance Ministers and Central Bank Governors (FMBCG). Sitharaman is expected to meet with US Treasury Secretary Janet Yellen during her official visit to the United States.

"Union Finance Minister Smt. @nsitharaman will be attending the Annual Meetings of @IMFNews & @WorldBank, G20 FMCBG meetings, India-US Economic and Financial Dialogue, and other associated investment meetings as part of her official visit to the USA beginning from October 11, 2021," a tweet from the Finance Ministry said on Monday. During her official visit to the United States, she will also address and invite investors, including large pension funds and private equity firms, to participate in India's growth.

India is expected to experience the highest growth rate of any major economy in the world. India could achieve 11% GDP growth in its current fiscal year, which ends in March, according to the economic study. For the first time since the start of the pandemic, the annual meeting of the International Monetary Fund (IMF) and the World Bank will take place physically. However, a virtual option is also available for dignitaries.

She will participate in the FMCBG, which must ratify the global double taxation agreement. The meeting is scheduled for October 13. As a result of this deal, India may have to abolish the digital services tax or equalization tax and commit not to introduce such measures in the future. As part of a major reform of the international tax system, 136 countries, including India, have agreed to review global tax standards to ensure that multinational corporations pay at least 15% tax wherever they operate.

However, the agreement obliges the countries to abolish all taxes on digital services and similar measures in accordance with the implementation plan of the Organization for Economic Co-operation and Development (OECD) and to undertake not to introduce such measures in the future, published on Friday evening.

Sources:- moneycontrol

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