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Countdown to digital tax

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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.

More from across our site

Japan reports a windfall from all types of taxes after the government revised its stimulus package. This could lead to greater corporate tax incentives for businesses.
Sources at Netflix, the European Commission and elsewhere consider the impact of incoming legislation to regulate tax advice in the EU – if it ever comes to pass.
This week European Commission officials consider legal loopholes to secure minimum corporate taxation, while Cisco and Microsoft shareholders call for tax transparency.
The fast-food company’s tax settlement with French authorities strengthens the need for businesses to review their TP arrangements and documentation.
The full ALP model will be adopted through a new TP regime, which is set to boost the country’s investments and tax certainty.
Tax professionals have called on the UK government to reconsider its online sales tax as it would affect the economy at the worst time.
Tax professionals have called on companies to act urgently to meet e-invoicing compliance targets as the EU plans to ramp up digitisation.
In the wake of India’s ambitious 25-year plan for economic growth, ITR has partnered with leading tax commentators to discuss what the future will look like for India and for the rest of the world.
But experts cast doubt on HMRC's data and believe COVID-19 would have increased the revenue shortfall.
EY’s plan to separate its auditing and consulting businesses might lessen scrutiny from global regulators, but the brand identity could suffer, say sources.
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