Tag Archives: Tax

130 countries and jurisdictions join bold new framework for international tax reform

130 countries and jurisdictions have joined a new two-pillar plan to reform international taxation rules and ensure that multinational enterprises pay a fair share of tax wherever they operate.

130 countries and jurisdictions, representing more than 90% of global GDP, joined the Statement establishing a new framework for international tax reform. A small group of the Inclusive Framework’s 139 members have not yet joined the Statement at this time.  The remaining elements of the framework, including the implementation plan, will be finalised in October.

The framework updates key elements of the century-old international tax system, which is no longer fit for purpose in a globalised and digitalised 21st century economy. 

Read more: HERE

CNBC: Trump’s hostility toward a digital tax could unite Europe to implement one, lawmaker says

Taxing tech giants has long divided policymakers, but disagreements with U.S. President Donald Trump could drive Europe to step up levies on companies like Google and Facebook, a lawmaker told CNBC.

France, Austria and Italy are among the European countries that have implemented taxes on the tech companies at a national level, but there’s been a failure at the European Union level to agree on a joint levy.

The political and economic union of 27 countries failed to reach a consensus in March 2019, when four member states vetoed a common tax. At the time, Ireland, Sweden, Denmark and Finland said there should be a broader debate outside of Europe over a digital tax, before the EU implemented its own.

Read entire article HERE.