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International tax system changes could target tech giants

The OECD says more than 110 countries and jurisdictions have agreed to review two key concepts of the international tax system, responding to a mandate from the G20 finance ministers to work on the implications of digitisation for taxation. It comes as the European Commission “is expected to take aim at Silicon Valley’s tech giants with a proposal to seriously revamp of how technology companies are taxed in European Union”, according to the New York Times. The members of the OECD/G20 Inclusive Framework on BEPS [base erosion and profit shifting] will work towards a consensus-based solution by 2020, as set out in the “Interim Report on the Tax Challenges Arising from Digitalisation”. The report was presented by OECD to the G20 finance ministers at their meeting on 19-20 March in Buenos Aires, Argentina. Building on the 2015 BEPS Action 1 Report, the interim report includes an analysis of the changes to business models and value creation arising from digitisation, and identifies characteristics that are frequently observed in certain highly digitised business models. Describing the potential implications for the international tax rules, the report identifies the positions that different countries hold. See more here and New York Times

  • Thursday, 22 March 2018

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