India: Announced extension of agreement on transition from existing Indian equalisation levy to new multilateral solution agreed by the OECD-G20 Inclusive Framework

On 30 June 2024, the US Department of the Treasury announced the extension of the agreement between the United States and India to transition from India's existing Equalisation Levy to the new multilateral solution established by the OECD-G20 Inclusive Framework. This extension supports the 8 October 2021 agreement, where over 130 countries adopted a two-pillar international tax reform package. Following this, on 24 November 2021, the United States and India reached a political compromise to facilitate the transition to the new framework.