Countdown to digital tax
The OECD held a two-day conference on January 14-15 to allow stakeholders to discuss its blueprints for digital tax reform ahead of the G20/Inclusive Framework meeting later in January.
The Paris-based organisation has to find a final agreement on pillar one and pillar two by mid-2021 or nothing will stop the rise of tax nationalism around the world. A growing number of countries are imposing forms of digital taxes on technology companies to gain revenues they believe to be owed.
Yet the digital tax framework will affect more taxpayers than US corporations such as Apple, Amazon, Google and Facebook. Pharmaceutical companies, for example, are concerned about the consequences for their industry given the importance of intangible assets. Here, Alice Jones, Danish Mehboob and Josh White take a look at the proposals put forward by companies such as Microsoft, Netflix and Unilever in response to the blueprints.