Context: The United States (US) Treasury’s call for a global minimum tax rate to impose company's income and removing preferential rate structures for companies is unfair to developing economies as it best serves the need of the US and other developed nations.
About international tax reforms: The Base Erosion and Profit Shifting (BEPS) programme was initiated in 2013 by Organisation for Economic Co-operation and Development (OECD) to curb practices that allowed companies to reduce their tax liabilities by exploiting loopholes in the tax law.
Challenges in the international tax reforms: faced by developing countries like India.
Conclusion: It is perhaps time to reflect if the two pillars of international tax reform are meant to support the superstructure of developed countries.