Recent tax developments that matter from around the globe, reported by Tim Sarson (KPMG).
Taxation of the digital economy
Rome wasn’t built in a day and the same can be said for the challenging task of reforming the international tax system to address the challenges arising from the digitisation of the economy. Nonetheless October saw a significant architectural milestone reached with the OECD’s public release of its ‘blueprints’ for pillar one and pillar two. The proposals have advanced considerably with pillar two in particular being close to consensus. The blueprints are now under public consultation until 14 December 2020 with the OECD targeting a successful conclusion to discussions by mid-2021. Development of model legislation is planned to follow once agreement is reached.
Pillar one
The aim of the pillar one proposals is to align taxing rights more closely with local market engagement. Under pillar one...
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Recent tax developments that matter from around the globe, reported by Tim Sarson (KPMG).
Taxation of the digital economy
Rome wasn’t built in a day and the same can be said for the challenging task of reforming the international tax system to address the challenges arising from the digitisation of the economy. Nonetheless October saw a significant architectural milestone reached with the OECD’s public release of its ‘blueprints’ for pillar one and pillar two. The proposals have advanced considerably with pillar two in particular being close to consensus. The blueprints are now under public consultation until 14 December 2020 with the OECD targeting a successful conclusion to discussions by mid-2021. Development of model legislation is planned to follow once agreement is reached.
Pillar one
The aim of the pillar one proposals is to align taxing rights more closely with local market engagement. Under pillar one...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
